Deals
Billionaire-Backed WeLab Raises $220 Million in Fresh Funding
- Fintech firm draws investment from Credit Suisse, Alibaba fund
- Hong Kong company to keep ‘close eye’ on possible IPO: CEO
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WeLab Ltd., a Hong Kong-based financial technology firm backed by billionaire Li Ka-shing, has raised $220 million in new funding from investors including Credit Suisse Group AG and the World Bank’s International Finance Corp.
Other backers in the company’s latest round of equity and debt financing included the Alibaba Entrepreneurs Fund, the Chinese e-commerce giant’s non-profit startup sponsorship outfit, according to WeLab’s founder and Chief Executive Officer Simon Loong. WeLab, which turned profitable this year, will “keep a close eye” on a possible initial public offering, he said.