Alibaba, IFC back WeLab amid 'frenzied demand'

Hong Kong fintech start-up, which already boasts Li Ka-shing as a backer, upsizes latest funding round as it bags $220m. But its founder is coy on whether it has hit unicorn status.

Alibaba, IFC back WeLab amid 'frenzied demand'

Explosive growth in lending volumes has helped WeLab Holdings, a Hong Kong-based fintech startup which already boasts  Li Ka-shing’s Tom Group among its backers, raise $220 million from investors including Alibaba’s Hong Kong Entrepreneurs Fund.

The succesful fundraising for the company, which is tapping gargantuan demand for small loans from Chinese borrowers with no credit history, underscores strong interest in Asia's fintech innovators. But its founder and CEO declined to state...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: welab | simon loong | fintech | alibaba | li kashing | unicorn | startups | ifc

Print Edition

FinanceAsia Print Edition

EVENTS