WeLab, one of the fastest growing fintech companies in Greater China, has announced it has secured a credit facility of US$25 million from ING Bank. WeLab is the operator of Wolaidai (我来贷), one of China’s largest mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform. The firm aims to tap the bank loan market for another US$50 million in the coming months.
This credit facility will provide lending capital for WeLab’s Hong Kong business and enables the company to meet rapidly growing demand for its loans in Hong Kong. WeLab’s business volume in Hong Kong more than doubled from the first to second quarter of 2016. Since its launch in 2013, the company has acquired over 8 million registered users and processed US$4.9 billion of loan applications.
“Our ability to close a credit facility with a major international bank is a testament to the strength of WeLab’s track record,” said WeLab Founder and CEO Simon Loong. “We believe this credit facility is one of the first completed by a major bank to fund the portfolio growth of a fintech company in Asia and are confident that this facility will open more doors to institutional funding in the near future.”
“WeLab has redefined consumer lending in Hong Kong and China by combining big data analytics and cutting-edge credit profiling technology to create a fast, easy and accessible mobile approval process,” Loong added.
The credit facility agreement follows January 2016’s announcement of WeLab’s Series B financing of US$160 million from a group of investors led by Khazanah Nasional Berhad. Other investors included ING Bank and state-owned Guangdong Technology Financial Group (GTFG).
ING Bank Hong Kong’s Managing Director of Corporate Clients Shalini Sujanani commented: “ING Bank is an avid advocate for and a leader in financial services innovation. Our investment in WeLab is in line with our strategy for constant innovation and building the bank of the future. We therefore look forward to opportunities of further collaboration.”
This article first appeared on Fintech News Singapore
