The largest fintech fundraising in China 2019 announced

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

The largest fintech fundraising in China 2019 announced. Source: welab.co

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.

This financing will be used to further develop and broaden our platform as a fintech enabler. Further investment into technology research and development will enable us to apply these innovative technologies around the region and roll out additional products and services for our customers to provide holistic financial services digitally
Simon Loong, Founder and Group CEO of WeLab

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.

SEE ALSO:

Categories: All materials Fintech News