Khazanah, ING bet on fintech startup WeLab

The Hong Kong-based internet startup, which has backing from Li Ka-shing, plans to expand its lending business to rural areas of China.
Simon Loong, founder and chief executive of WeLab.
Simon Loong, founder and chief executive of WeLab.

WeLab Holdings, a Hong Kong-based fintech startup, said on Wednesday that it has raised $160 million from new investors, including Malaysian sovereign wealth fund Khazanah and Dutch financial services group ING.

The company said in a statement that Guangdong Technology Financial Group, a Chinese state-owned fund in Guangdong province, also participated in the second round of financing.

When pressed over the telephone, though, Simon Loong, founder and chief executive officer of WeLab, declined to provide a detailed breakdown of the stake sales or an updated valuation of the company. 

WeLab, which offers small personal loans to college...

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