WeLab, a Hong Kong and Shenzhen-based online lending start-up backed by Malaysia's state fund Khazanah Nasional, has secured a credit line of US$25 million from ING Bank, an existing investor in the company.
In January, ING Bank participated in a US$160 million series B round in Welab. That round was led by Malaysia's state fund Khazanah Nasional, with participation from Guangdong Financial Technology Group. At that time, WeLab and ING Bank said they would explore partnerships on online lending and direct banking. Founded in 2013, Welab operates Chinese mobile lending platform Wolaidai and Hong Kong online lending platform WeLend. It currently has over seven million registered users and has processed US$4.6 billion of loan applications.