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ING, Khazanah Invest in Firm Backed by Billionaire Li

  • WeLab's latest round of financing raises $160 million
  • Third financial technology investment by ING since September

ING Groep NV’s banking unit and a Malaysian sovereign wealth fund have bought stakes in WeLab, an operator of online lending platforms backed by Asia’s third-richest man Li Ka-shing.

ING Bank, Malaysia’s Khazanah Nasional Bhd. and Chinese state fund Guangdong Technology Financial Group participated in WeLab’s latest round of financing, which raised $160 million, according to a statement by the technology company Wednesday. Specific investment terms weren’t disclosed.