WeLab has raised $255.0M in total across 3 funding rounds.
WeLab's investors include Climate Capital, Crosscut Ventures, Tribe Capital, Vouch Insurance, Damien Mahoney, David Emanuel, Peter Ackerson, Bond, Lakestar, WndrCo LLC, Diego Berdakin, Justin Mateen.
WeLab is a leading Hong Kong-based fintech company founded in 2013, specializing in online consumer credit platforms, virtual banking via WeLab Bank, and B2B financial technology solutions.[1][2] It serves over 70 million individual users and 700 enterprise customers across Hong Kong, mainland China, and Indonesia, addressing financial accessibility through AI-powered risk management, big data analytics, and mobile-first services that facilitate loans exceeding HK$86 billion.[2][5] WeLab solves key problems in retail lending and digital banking by providing seamless, innovative credit and savings options, with strong growth evidenced by acquiring a new user every 3.8 seconds and holding the #1 position as Hong Kong's purely online lender.[2]
WeLab was established on November 22, 2012, in Hong Kong as WeLend, transitioning to full operations as WeLab in January 2013 under founders Simon Loong, Kelly Wong, and Frances Kang.[1] The idea emerged from identifying gaps in consumer credit access, launching Hong Kong's first online lending platform later that year.[1] Early traction came swiftly: expansion to mainland China in 2014 with Wolaidai (我来贷), Indonesia in 2018 via Maucash (a joint venture with PT Astra International), and a pivotal 2019 virtual banking license for WeLab Bank, one of Hong Kong's first.[1][3] Funding milestones humanize its rise—$20 million Series A in 2015 from Sequoia Capital and others, followed by a record $160 million Series B in 2016 led by Khazanah Nasional Berhad—fueling its evolution into a pan-Asian powerhouse.[1]
WeLab rides the fintech democratization wave in Asia, capitalizing on rising smartphone penetration, underbanked populations, and regulatory shifts toward virtual banking in Hong Kong, China, and Indonesia.[1][2] Timing aligns with post-2019 digital bank licenses and China's fintech boom, amplified by market forces like big data proliferation and AI adoption, which WeLab harnesses for inclusive credit—analyzing non-traditional data to serve 70+ million users underserved by legacy banks.[2][3] It influences the ecosystem by partnering with institutions (e.g., via B2B tech) and setting benchmarks for profitability in digital lending, as noted in its journey from disruptor to established player, fostering Greater Bay Area growth and global fintech rankings (#23 worldwide, #6 in China).[3][6]
WeLab's blend of scalable tech and regulatory wins positions it for expansion into new Asian markets and deeper B2B fintech embedding, potentially leveraging AI advancements for personalized wealth services.[2][6] Trends like open banking (as pioneered by WeLab Bank) and privacy-focused computing will shape its path, amid rising demand for seamless digital finance in high-growth regions.[4] Its influence may evolve from regional leader to pan-Asian fintech titan, sustaining momentum through innovation and partnerships—empowering financial freedom as Asia's digital economy accelerates.[2][5]
WeLab has raised $255.0M across 3 funding rounds. Most recently, it raised $75.0M Series C in March 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 1, 2021 | $75.0M Series C | Climate Capital, Crosscut Ventures, Tribe Capital, Vouch Insurance, Damien Mahoney, David Emanuel, Peter Ackerson | |
| Jan 1, 2016 | $160.0M Series B | Bond, Lakestar, WndrCo LLC, Diego Berdakin, Justin Mateen, Yaron Valler | |
| Jan 1, 2015 | $20.0M Series A | American Express Ventures, DST Global, Tony Florence, Prefix Capital, SeedInvest, Winklevoss Capital, Drew Houston, Jeremy Stoppelman, Marc Benioff, Marissa Mayer, Mark Pincus, Nirav Tolia |
