WeLab, a Hong Kong and Shenzhen-based online lending start-up backed by Malaysia's state fund Khazanah Nasional, has secured a credit line of US$25 million from ING Bank, an existing investor in the company.
The credit line will provide lending capital for WeLab’s Hong Kong business and enable it to meet growing demand for loans in Hong Kong, the company announced.
In January, ING Bank participated in a US$160 million series B round in Welab. That round was led by Malaysia's state fund Khazanah Nasional, with participation from Guangdong Financial Technology Group.
At that time, WeLab and ING Bank said they would explore partnerships on online lending and direct banking.
Founded in 2013, Welab operates Chi...
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