USD25 million credit facility to fuel WeLab’s Hong Kong growth
6 September 2016
WeLab, one of the fastest growing fintech companies in Greater China, has secured a credit facility of USD25 million from ING Bank.
WeLab is the operator of Wolaidai, one of China’s largest mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform.
The credit facility will provide lending capital for WeLab’s Hong Kong business and enable it to meet rapidly growing demand for loans in Hong Kong.
In January, ING announced that it had invested in WeLab saying at the time it would look at the possibilities of starting a partnership with WeLab in ING markets.
Seven million users
WeLab’s business volume in Hong Kong has more than doubled from the first to second quarter of 2016. Since its launch in 2013, the company has acquired over seven million registered users and processed USD4.6 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.”
Mr Loong said WeLab had 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.
ING Bank Hong Kong’s Managing Director of Corporate Clients Shalini Sujanani said 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,” she said.