WeLab Limited is a Hong Kong financial technology company offering a range of services, such as online consumer credit platforms and virtual banking. It was founded in January 2013 by Simon Loong, Kelly Wong and Frances Kang, and is best known for being the parent company of WeLab Bank, one of the first virtual banks to be granted a license to operate in Hong Kong. Outside of Hong Kong, WeLab also operates in mainland China and Indonesia. As of 2020, WeLab had over 40 million customers and facilitated over HK$50 billion in loans.
History
WeLab Limited was first registered on 22 November2012 in Hong Kong with the Companies Registry, and began operating in January 2013, and later that year launched WeLend – Hong Kong’s first online consumer credit lending platform. In 2014, WeLab began to expand outside of Hong Kong, first into Mainland China with Wolaidai, then into Indonesia in 2018 with a partnership with Astra International. In April 2019, WeLab was granted Hong Kong's fourth virtual banking licence, and the company launched WeLab Bank.
In January 2016, WeLab raised US$160 million in its Series B fundraising from a consortium of international and domestic Chinese investors led by Khazanah Nasional Berhad. Other investors include ING Bank and state-owned Guangdong Technology Financial Group. This fundraising round was ranked as the 5th largest FinTech fundraising round out of 413 deals across the globe in the first half of 2016. In November 2017, WeLab raised US$220 million in its new financing from Alibaba Entrepreneurs Fund and global financial institutions China Construction Bank, Credit Suisse and the World Bank's International Finance Corporation.
In late 2019, WeLab raised US$156 million of Series C strategic financing, bringing its total funding to over $580 million.
Technology
WeLab offers customers a full-service bank that allows them to open a bank account all from their mobile phone. It launched a new virtual credit card that lets users get instant credit approval within the app. WeLab is partnering with more than 300 financial institutions in Asia to help them better serve their customers. It recently created a custom-designed integrated mobile lending solution for one of China’s leading banks so that its 500 million customers could access credit online.
