Hong Kong-based fintech startup WeLab has revealed it is set to launch in Southeast Asia within the next year. According to Dealstreet Asia, the mobile lending platform is currently looking into strategic partnerships in the region and is expected to roll out products by 2018’s first quarter. Founder and CEO of WeLab, Simon Loong, shared details about the company’s expansion with the media outlet:
“We spend a lot of time in Southeast Asia in the next couple of months so we are looking at markets and business models. We generally look for people with local knowledge expertise and brand access to local capital market and stuff like that.”
The company, which was founded in 2013, stated that it is reinventing traditional financial services by creating seamless mobile lending experiences.
“With its proprietary risk management technology, WeLab effectively analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates Wolaidai (我来贷), one of China’s largest mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform. The company also partners with traditional financial institutions which utilize WeLab’s technology to offer fintech-enabled solutions to their customers.”
The news of WeLab’s expansion comes just a little over a year after the company secured $25 million credit facility from ING Bank. WeLab also raised $160 million during a Series B Financing Round, which was led by Khazanah Nasional Berhad last year.