WeLab completes a US$156m Series C strategic financing to further develop and expand technology platform

– HONG KONG, Hong Kong –  WeLab, Asia’s leading fintech group, today announced the completion of a Series C strategic financing of over HK $ 1.2 billion, the largest in Greater China in 2019.

This round of financing was joined by new investors and five original investors followed, including well-known investors such as Alibaba Entrepreneurs Fund and CCB International, which fully demonstrated the investors’ recognition of WeLab’s development in the past two years and Confidence in the future.

Mr. Long Peizhi, the founder and CEO of WeLab, said, “This round of financing will be used to further develop and expand our technology platform as a fintech promoter. After further investment in technology research and development, we can apply innovative technologies to different markets, Launch more products and services to allow customers to experience comprehensive online financial services. “

Following the strategic financing in November 2017, WeLab expanded its comprehensive financial services in domestic and overseas markets within two years and achieved remarkable achievements. It obtained multiple licenses and technology patents in the three markets. These include Hong Kong’s virtual banking license, the Mainland’s financing guarantee and financing lease license, Indonesia’s fintech license, and technology patents such as fintech edge computing to further consolidate the Group’s comprehensive financial services layout. WeLab also officially registered the group ’s Chinese name as “Hui Li Financial Holding Co., Ltd.”, and named the virtual bank as “Hui Li Bank”, synonymous with “Hui Zhi Juneng, Lixin up”, the group’s 6 All brands have outstanding results.

Hong Kong market: In April 2019, WeLab obtained a virtual banking license issued by the Hong Kong Monetary Authority of Hong Kong based on its own strength. WeLab Bank, which will open in 2020, has appointed Dr. Lin Jiali, Chairman of Cyberport, as an independent non-executive The directors, together with other members of the board of directors, including Chairman Chen Jiaqiang, etc., lead the bank’s operations together to bring users an innovative banking experience. The pioneer of pure online lending “WeLend”, which has been in operation for 6 years, is Hong Kong ’s largest pure online credit platform. Its market share in 2019 increased to 13.2%, achieving a net profit growth of 155%.

Mainland market: In just five years after entering the Mainland market, different business models have been developed, and three of its brands have maintained a leading position in the large market of Internet finance. Focusing on the three high-growth potential customer groups, “Wulai Maike” has more than 41 million registered users as of December 2019, and the amount of small and microloan applications increased by 412% compared with 2018. The emerging rental brand “Taoxin” has already entered the two giant platforms of JD.com and Alipay and has continuously expanded the types of consumer electronics leasing, covering more than 300 popular electronic products, including mobile phones, drones, computers, and IoT products. The B2B service brand “Crested Big Data Lab” is currently providing cloud technology solutions to more than 300 companies to help them provide technology-based services and experiences to their customers.

Indonesian market: In August 2018, WeLab established a joint venture with Astra, a large Indonesian conglomerate, to establish a Fintech company “AWDA” to expand the Indonesian market smoothly. After more than a year of operation, AWDA’s product “Maucash” has grown rapidly, and has been online for more than 60 years Million registered users, an increase of 28% compared to the number of registered users recorded by WeLab in the Mainland market in one year. In September 2019, it was awarded a financial technology license by the Indonesian Financial Services Regulatory Authority, becoming one of the 13 licensed operators in the region.

Multiple shareholders have shown their outstanding financing strength in pursuit of investment.

WeLab adheres to a diversified financing strategy and has been strongly supported by the world’s top investors to promote the sustainable development of the Group. According to PitchBook data, WeLab C round of strategic financing is the largest Fintech financing case in Greater China so far in 2019, ranking fourth in Asian fintech corporate financing. At the same time, the Group’s valuation also continues to rise. According to the “Hurun Global Unicorn List 2019” released by the Hurun Research Institute, WeLab’s latest valuation will rank among the top ten in the Guangdong-Hong Kong-Macao Greater Bay Area.

The new strategy moves towards 2020 ﹕ The second half of fintech Looking ahead to 2020, WeLab will continue to pursue the future, with a strategic focus on exploring deeper technology and broader financial services, and expanding business around three major goals ﹕ WeLab Bank It will open in early 2020; Mainland B2B services will strive to open up thousands of partners in 2020, and use privacy computing as a key technology solution, and begin to export services in the second half of 2020; Finally, the group is also Ongoing inspection of new markets, the goal is to develop another Southeast Asian market within the next two years after Indonesia, and extend the path of fintech innovation.

Long Peizhi, Founder and Group CEO of WeLab, said: “Looking at the world, fintech has been developing for 10 years. With the breakthrough of fintech companies in technology, it has brought a lot of impact to the traditional finance and banking industry. 2020 will be the beginning of the second half of FinTech. “He pointed out that FinTech developments around the world have entered the era of regulation and the implementation of a licensing system, which will help the industry’s healthy development, and the next battlefield will be a virtual bank.

About WeLab

WeLab Holdings Limited is a leading fintech company in Asia and one of the first virtual bank operators in Hong Kong. WeLab provides a seamless online financial services experience for more than 41 million users in Hong Kong, Mainland China and Indonesia. WeLab has repeatedly been ranked in KPMG’s “Global 100 Fintech”, ranking 23rd and 6th in the world and China respectively. WeLab was also named by the South China Morning Post as the 2020 Champion of Guangdong, Hong Kong and Macau Greater Bay Area Growth Enterprises, and was selected by Deloitte as the top 20 Hong Kong high-tech high-growth company in 2017.

WeLab focuses on innovative technology research on big data, artificial intelligence, machine learning and privacy computing. Through its self-developed risk management system and leading artificial intelligence technology, we integrate and analyze big data in seconds. , Can instantly calculate the user’s risk credit, to provide consumers with innovative financial services. WeLab also provides unique fintech solutions to top financial institutions and enterprises.

WeLab’s 6 brands in 3 major markets include “WeLend” and “WeLab Bank” in Hong Kong, “Wulai Shuke”, “Taoxin Machine” and “Chongmian Big Data Lab” in Mainland China “, And the fintech company” AWDA “, a joint venture between Indonesia and a large conglomerate Astra.

WeLab investors include Malaysian National Sovereign Fund, Cheung Kong Hutchison’s TOM Group, World Bank Group member International Finance Corporation, Alibaba Entrepreneurs Fund, CCB International, Sequoia Capital, ING, a large European bank, and more.

For more information: https://www.welab.co

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