20 September 2017
Visit http://response.ncr.com

WeLab raises $25 million credit facility from ING

06 September 2016  |  3996 views  |  0 Dollar note jigsaw

At a time when marketplace lenders are struggling to raise funding, Hong Kong's WeLab has landed a $25 million credit note from Dutch bank ING.

Two-year old WeLab is the operator of Wolaidai, one of China’s largest mobile lending platforms, and Hong Kong online P2P site WeLend.

Despite a backdrop of increasing economic uncertainty for marketplace lenders, WeLab’s business volume in Hong Kong more than doubled from the first to second quarter of 2016. Since its launch in 2013, the company has acquired over 8 million registered users and processed US$4.9 billion of loan applications.

“Our ability to close a credit facility with a major international bank is a testament to the strength of WeLab’s track record,” says founder and CEO Simon Loong. “We believe this credit facility is one of the first completed by a major bank to fund the portfolio growth of a fintech company in Asia and are confident that this facility will open more doors to institutional funding in the near future.”

The current agreement follows January 2016’s announcement of WeLab’s Series B financing of US$160 million from a group of investors led by Khazanah Nasional Berhad. Other investors included ING Bank and state-owned Guangdong Technology Financial Group (GTFG).

Loong says the firm aims to tap the bank loan market for another US$50 million in the coming months.

For ING, the investment aligns with its startegy to increase the pace of innovation by working with both dedicated internal teams and with external partners and startups.

ING was one of a trio of financial institutions to join in a $135 million investment in US online lender Kabbage last year, partnering with the firm in October to begin offering loans of up to EUR100,000 to small businesses in Spain.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ING takes startup path as top banks reap innovation rewards

ING takes startup path as top banks reap innovation rewards

10 May 2016  |  21980 views  |  0 comments | 51 tweets | 49 linkedin
ING invests in Asian marketplace lender WeLab

ING invests in Asian marketplace lender WeLab

20 January 2016  |  5072 views  |  0 comments | 6 tweets | 3 linkedin
ING to pilot Kabbage in Spain

ING to pilot Kabbage in Spain

21 October 2015  |  7652 views  |  0 comments | 13 tweets | 19 linkedin
Three big banks join $135 million Kabbage funding round

Three big banks join $135 million Kabbage funding round

14 October 2015  |  7333 views  |  0 comments | 18 tweets | 11 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.vasco.comvisit www.sibos.com

Who is commenting?

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
11158 views comments | 24 tweets | 40 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10472 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9242 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7735 views comments | 5 tweets | 4 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7514 views comments | 14 tweets | 15 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job