WeLab Enters into Financing Agreement with Citi
(Hong Kong, 19 October 2018) WeLab, a leading Fintech company in Asia, today announces that it has completed an asset-backed financing facility (the “Facility”) with Citibank N.A. Hong Kong Branch (“Citi”) in September 2018. The Facility is extended to WeLab’s subsidiary, WeLend, the leading pure online lending platform in Hong Kong, to fund the continued growth of its loan origination and diversification of product offerings.
With over 32 million registered users globally, WeLab specialises in big data analysis and AI technology that offers seamless consumer experience to their customers. The Facility allows WeLab to further diversify its financing sources with a major commercial bank in Hong Kong and enhances its funding and liquidity positions.
The mutually beneficial partnership between WeLab and Citi is a testament of Welab’s business performance and growth, as well as a demonstration of a major global financial institution supporting the local Fintech industry. WeLab plans to further explore capital markets access as it continues to optimise its capital structure to fund the long-term growth of the company.
Simon Loong, Founder and CEO of WeLab said, “We are excited to have Citi as our financing partner. With this new facility, this enhances WeLab’s funding capacity and strengthens the ability to meet the demands of our rapidly-growing business and accelerate expansion into new product portfolio. We look forward to deepening our working relationship with existing financing partners to help individuals achieve financial freedom through better and more efficient access to credit and to further promote financial inclusion.”
Founded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyses unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates WeLend in Hong Kong, Wolaidai (我来贷) in Mainland China and a fintech joint venture AWDA in Indonesia. The company also partners with traditional financial institutions which utilise WeLab’s technology to offer FinTech-enabled solutions to their customers.
WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #8 in China and #36 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China.
For more information, please visit www.welab.co