WeLab’s Series C strategic financing claims to be the largest fintech fundraising in China in 2019 and 4th among fintech fundraisings in Asia
WeLab, a leading Asian fintech company, announced to raise $156 million of Series C strategic financing, completing the largest fintech fundraising in China in 2019. The round was backed by new investors as well as 5 existing, including Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank, who made follow-on investments.
WeLab has shown successful progress, scaling the tech-enabled business in 3 markets. The company has also been granted several operating licenses and industry-leading technology patents. As to the Group’s valuation, it is reaching the Top 10 ranking, according to the Hurun Global Unicorn List 2019.
The Group enabled 3 key targets for the following year. Firstly, it aims to launch WeLab Bank in 2020. Along with that, the Group intends to expand China’s B2B business partners to over 1,000. Finally, it plans to help China to enter another South East Asia market beyond Indonesia within the next two years.