China's fintech insurgents march towards IPO

Disruptive startups have China’s state-owned banks on the back foot. Now they are seeking capital to build on their initial success.

China's fintech insurgents march towards IPO

When China Premier Li Keqiang visited internet bank WeBank in Qianhai, Shenzhen, in January and granted a Rmb35,000 $5,549 loan to a truck driver at the push of a button, it signaled political support at the very top for the country’s burgeoning fintech sector.

WeBank is looking to raise $1 billion in capital, valuing the company at $5 billion, according to venture capital investors. A WeBank spokeswoman declined to comment.

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