Hong Kong-based fintech startup WeLab has raised $220m in a combined Series B equity and debt strategic financing, taking its total capital raised to $425m.

Participants in the funding round include Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and various global banks.

The fintech firm intends to utilise the funds raised to enhance its credit technology, develop new products, and expand its presence beyond Greater China.

WeLab founder and CEO Simon Loong said: “We have been able to strengthen our cash position, further diversify financing sources and strengthen relationships with leading, global financial organisations. This will underpin our growth story, and see us deliver even greater fintech innovation in the world’s fastest growing market.”

Alibaba Hong Kong Entrepreneurs Fund executive director Cindy Chow said: “We were attracted to WeLab because of its innovative business model. As one of the fastest growing fintech companies in Hong Kong and the Mainland, we look forward to working with the team and support their further expansion.”

Established in 2013, WeLab currently offers mobile lending services to 25 million customers across Hong Kong and China. So far, it has processed loans worth $28bn. The startup’s early backers include CK Hutchison’s TOM Group, Malaysian sovereign wealth fund Khazanah Nasional and Sequoia Capital.

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