The financial startup WeLab attracted $ 220 million from investors, including Alibaba, IFC and Credi

WeLab, a financial startup that manages online credit platforms in Hong Kong and China, attracted $ 220 million in co-financing and debt financing. This round, which, according to WeLab, is B + series, brings the total funding to $ 425 million. There are venture funds, Alibaba, the international financial corporation of the international bank (IFC) and Credit Suisse among the investors.


The company refused to disclose its assessment. Founder and CEO Simon Lung told TechCrunch that it is still too early to share information about any plans for the original proposal.


The new financing of the company will be used to develop the capabilities of artificial intelligence and automation that WeLab uses to detect fraud, reduce operating costs and improve the quality of customer service. For example, artificial intelligence manages its chatbot WeBot, which, according to Lung, now processes 70% of WeLab’s customer requests.


The Alibaba Entrepreneurs Fund was launched by the Alibaba Group to search for investments that could also help with strategic partners. In a statement, the fund’s executive director Cindy Chow said: "We were attracted by WeLab because of its innovative business model. As one of the fastest growing financial companies in Hong Kong and the region, we look forward to working with the team and supporting their further expansion. "


It was recently reported that Alibaba set another record for Bachelor Day, selling more than $ 25 billion of the product on the largest Chinese online shopping event. Alibaba Corporation is more and more interested in the financial market of Asia and plans to help it in its active development.