WeLab is a financial technology company that is reinventing traditional financial services by creating seamless mobile lending experiences.
WeLab operates online lending platforms which provide unsecured personal loans to borrowers. It currently operates Wolaidai, one of China’s leading mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform.
WeLab was founded in 2013 & is based in Hong Kong. The company expanded to China with Wolaidai in 2014.
WeLab analyzes unstructured mobile big data to make credit decisions for individual borrowers. To date, the company has recorded zero fraud loss, despite not having met any of its customers face-to-face. The fastest loan approval was conducted in simply 21 seconds.
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’s investors include Alibaba Hong Kong Entrepreneurs Fund, CK Hutchison’s TOM Group, Malaysian sovereign wealth fund Khazanah Nasional Berhad, Chinese provincial government fund Guangdong Technology Financial Group, ING Bank, Sequoia Capital and others. The company raised $156M in a Series C financing on Dec 12, 2019. This new round brings WeLab's total funding to $581M to date.
WeLab was valued at a $1B, in it's latest "Series B" fundraising of a $220M in Nov 8, 2017.
WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #7 in China and #23 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China.