Hong Kong based mobile lending startup WeLab has raised a US$220m Series B round led by Alibaba and the IFC.
According to the World Bank, 36% of China’s population aged 15 and above has borrowed money, but only 10% managed to borrow from a financial institution. WeLab says it can provide formal financing and loans to consumers in a more efficient fashion. WeLab previously raised a US$160 million series B round in January last year led by Malaysia’s state fund Khazanah Nasional, with participation from ING Bank and Guangdong Financial Technology Group. One year prior, the company also completed a US$20 million series A round from DST Global’s founder Yuri Milner, U.S. investment advisor Iconiq Capital, Hong Kong-listed Chinese media conglomerate TOM Group and Sequoia Capital.