Hong Kong based mobile lender WeLab has secured a $25m credit facility from previous investor ING Bank. WeLab creates seamless online and mobile lending experiences for China and Hong Kong.
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WeLab raises $25 Million credit facility
The credit facility will provide WeLab’s Hong Kong operation with lending capital to meet the rapidly growing demand for loans in this market, it said in a statement. WeLab’s business volume in Hong Kong more than doubled from the first to second quarter of 2016. The fintech firm has attracted over 8 million registered users and processed a total amount of $4.9 billion worth loan applications since its inception in 2013. The company said, it was planning to tap the bank loan market for another $50 million in the coming months. “We believe this credit facility is one of the first completed by a major bank to fund the portfolio growth of a fintech company in Asia and are confident that this will open more doors to institutional funding in the near future,” said WeLab founder and CEO Simon Loong.
