Financial technology company WeLab announced it secured $220 million in Series B financing. Three investors participated in the round: Alibaba Group, IFC, and Credit Suisse.
Founded in 2013 in Hong Kong, WeLab’s proprietary risk management technology is designed to analyze unstructured mobile big data to make credit decisions for individual borrowers. The company operates Wolaidai, a mobile lending platform in China, and WeLend, a Hong Kong online lending platform. The company also partners with traditional financial institutions.
WeLab’s new financing will be used to develop its artificial intelligence and automation capabilities.