WeLab, an online lending platform based in Beijing and Hong Kong, secured a $160m Series B. The round was led by Khazanah, with participation from ING Bank and Guangdong Technology Financial Group. WeLab has made loans to 2.5m customers, since 2013, the majority of loans were made in mainland China.
The company operates two online lending platforms—Wolaidai, a lending platform for China, and WeLand.hk, its counterpart for customers in Hong Kong—and has now raised a total of $182 million in venture funding. Founder and chief executive officer Simon Loong tells TechCrunch that WeLab’s Series B will be used to improve its technology, which uses non-traditional sources of data to assess a lender’s risk profile, and strike partnerships with companies and banks. This year, WeLab will begin working with e-commerce platform Ule.com and the Postal Savings Bank of China to launch online financial products.