WeLab
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | January 2013 |
| Founder | Simon Loong, Kelly Wong, Frances Kang |
| Headquarters | Hong Kong , Hong Kong |
Area served | Hong Kong, mainland China, Indonesia |
Key people | Simon Loong (Group Chief Executive Officer) |
| Products | Virtual banking, online consumer credit platforms |
WeLab Limited is a financial technology firm based in Hong Kong that focuses on virtual banking and online consumer credit platforms. Established in January 2013 by Simon Loong, Kelly Wong, and Frances Kang, it serves as the holding company for WeLab Bank, among the earliest licensed virtual banks in Hong Kong.
The company’s operations extend across Hong Kong, mainland China, and Indonesia. By the year 2020, WeLab had catered to more than 40 million users and processed loans exceeding HK$50 billion.
History
Originally founded as WeLend on 22 November 2012, the firm introduced Hong Kong’s inaugural online consumer credit lending platform in 2013. Its expansion commenced in 2014 with the launch of Wolaidai (我来贷) in mainland China, followed by entry into the Indonesian market in 2018.
In April 2019, WeLab was granted the fourth virtual banking license in Hong Kong and subsequently unveiled WeLab Bank.
Series A
In January 2015, WeLab obtained US$20 million through Series A investment from backers such as CK Hutchison’s TOM Group, Silicon Valley’s Sequoia Capital, Yuri Milner’s DST Global, ICONIQ Capital, and Ule.com—a collaboration between China Post and TOM Group.
Series B
By January 2016, WeLab raised US$160 million during its Series B round, spearheaded by Khazanah Nasional Berhad with contributions from ING Bank and Guangdong Technology Financial Group (GTFG). This financing was ranked as the fifth largest global FinTech fundraising event in the first half of 2016.
In November 2017, an additional US$220 million was secured from investors including Alibaba Entrepreneurs Fund, China Construction Bank (International), Credit Suisse, and the International Finance Corporation.
Series C
Toward the end of 2019, WeLab completed a strategic Series C funding round amounting to US$156 million, increasing total capital raised to over US$580 million.
In March 2021, a Series C1 round led by Allianz X—the venture capital division of European conglomerate Allianz—brought in an extra US$75 million.
Brands
| Company | Markets served | Sector |
|---|---|---|
| Taoxinji | China | Lending |
| Tianmian Lab | China | B2B FinTech services |
| Wallet Gugu | China | Payments |
| WeLab Digital | China | Lending |
| WeLab Bank | Hong Kong | Banking |
| WeLab Pay | Hong Kong | Payments |
| WeLend | Hong Kong | Lending |
| Bank Jasa Jakarta | Indonesia | Banking |
| Maucash | Indonesia | Lending |
Leadership
- Group Chief Executive Officer: Simon Loong (appointed January 2013)