WeLab was founded by a team of finance and technology professionals with the aim of transforming traditional credit services through seamless mobile lending experiences.
WeLab launched WeLend – Hong Kong’s first online lending platform. This represented WeLab’s first product launch and would pave the way for future geographical expansion.
WeLab expanded into China with Wolaidai (我来贷), which is now one of China’s largest mobile lending platforms.
WeLab raised US$20 million in its Series A fundraising round. Key investors include CK Hutchison’s TOM Group; Silicon Valley venture capital firm Sequoia Capital; Yuri Milner, founder of DST Global; ICONIQ Capital; and Ule.com, a joint venture between China Post, China's state-owned postal service and TOM Group.
WeLab raised US$160 million in its Series B fundraising from a stellar consortium of international and domestic Chinese investors led by Khazanah Nasional Berhad. Other investors include ING Bank and state-owned Guangdong Technology Financial Group (GTFG). The financing represents the first ever fundraising by a Chinese financial technology firm from both an international bank and government investors, and also one of the first financings of an international financial institution in a leading Chinese fintech player.
This fundraising round also ranked as the 5th largest fintech fundraising round out of 413 deals across the globe in the first half of 2016.
WeLab was named in a KPMG report as one of the top 100 fintech companies in the world – #6 in China and #33 globally.