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WeLab completes Series C financing and raises over 1.2 billion yuan

2019-12-12T06:13:57.237Z


Hong Kong-made fintech unicorn WeLab completes Series C financing with a scale of US $ 156 million (about 1.2 billion yuan). Founder and CEO Long Peizhi pointed out that this round of financing includes the participation of 5 original shareholders and new investors, and


Financial news

Written by: Zhang Weilun

2019-12-12 14:10

Last updated: 2019-12-12 14:10

Hong Kong-made fintech unicorn WeLab completes Series C financing with a scale of US $ 156 million (about 1.2 billion yuan). The founder and CEO Long Peizhi pointed out that this round of financing includes the participation of five original shareholders and new investors, and also pointed out that the funds will be used to introduce more technology, develop new businesses and expand the Southeast Asian market.

Investors who participated in this round of financing include Alibaba Entrepreneurs Fund, CCB International, etc. As for the company's new valuation, Long Peizhi did not disclose it; it also pointed out that the company has no plan to apply for listing again and will consider it when the market conditions are stable.

Its virtual bank has hired 100 employees

WeLab, the official Chinese name of Huili Financial Holdings, is one of the eight virtual bank licensees in Hong Kong. He pointed out that the current virtual bank, Huili Bank, has hired 100 employees and will enter the trial stage. It is expected that it will be open after passing the sandbox test of the HKMA early next year.

Long Peizhi also pointed out that global fintech has developed for 10 years, and it is expected that fintech companies' breakthroughs in technology will have an impact on the traditional financial industry and the banking industry. Next year may be the starting point for the second half of fintech.

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Source: hk1

All news articles on 2019-12-12

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