WeLab Holdings has announced on Monday that it has raised $14 million in funding from Sequoia Capital and TOM Group, the venture capital firm founded by Asia’s richest man Li Ka-shing. WeLab said it would use the cash to finance its expansion into mainland China. WeLab is planning to bring “big data” to the finance sector. WeLab will help companies better evaluate and price their credit risk. WeLab did not disclose valuations based on the latest funding round.
?We are very excited about WeLab?s cutting-edge risk and fraud control technology, which has the ability to leverage big data, a massive untapped opportunity in the region,? stated Ken Yeung, chief executive of the TOM Group.
WeLab’s WeLend.hk is the first peer-to-peer online lending business in Hong Kong. WeLend has attracted 6,000 members and loan applications from consumers that total over 400 million Hong Kong dollars (over $50 million).