News Feed Item

Wecash Completes US$80 Million Series C Financing Led by China Merchants Group, Forebright Capital and SIG Ventures

SINGAPORE, April 21, 2017 /PRNewswire/ -- Technology company Wecash announces the completion of its Series C financing with a capital infusion of US$80 million led by China Merchants Venture Capital, Forebright Capital and SIG Ventures, with Joinhope Capital and Lingfeng Capital also joining the round as co-investors. To date, Wecash has raised over US$100 million as it leveraged upon the potential of smartphone ubiquity and artificial intelligence to power its global expansion.

Wecash founder and CEO Zhi Zhengchun said, "Since founding, Wecash has experienced break-neck growth through the application of big data and machine learning to the financial sector, providing tens of millions of consumers with next- generation credit evaluation and lower-friction access to partnering financial institutions' products. I am excited to welcome our new investors China Merchants Group, Forebright Capital, Joinhope Capital and Lingfeng Capital, and firmly believe that their value-add and support alongside our existing investors', can surely propel Wecash to greater heights as we look to go beyond finance and apply our technology to other sectors."

Founded in Beijing in early 2014, Wecash is the first Chinese technology company to apply big data and machine learning to prevent fraud and determine credit worthiness in the financial sector. With over 80 million users and 30 financial institution partners, Wecash's technology has been successfully applied to evaluate consumer credit for loans in 3C, agriculture, aesthetic medicine, home rental, cars, insurance and travel, facilitating more than US$2.2 billion in loans. Since 2017, Wecash has also expanded beyond China through the establishment of offices and operations in Brazil, Singapore and Indonesia.

Wecash Chief Risk Officer Tang Xuewei shared, "Our core risk-pricing engine is a dynamic risk model combined with artificial intelligence system. This engine collects and processes up to 12,000 data points which are then classified into 9 categories of key user behaviours to evaluate the credit of each loan applicant. From these data points, tens of thousands of indicators are generated and cross-checked in evaluating the repayment willingness and ability of each applicant. In merely 3 seconds, our engine can compute an applicant's credit and risk scoring, reducing non-performing loans for partner financial institutions by 70% or higher."

According to Zhi, Wecash will use its latest round of capital to expand in 4 key areas, namely:

  1. Improve its "lending AI" to provide banks, insurance and consumer finance companies with bleeding-edge fintech services;
  2. Extend and improve upon its offerings for online and offline consumption and bring about greater convenience and financial inclusion for consumers;
  3. Expand upon its hardware R&D team to leverage upon Wecash's technology and develop new machine learning solutions for the financial sector to improve productivity and reduce risk; and
  4. Accelerate its overseas expansion; from a R&D centre in Silicon Valley since 2015, to new markets in Brazil, Indonesia and throughout Latin America and Southeast Asia in 2017.

For more information, please contact:

Chan Lianghong James (陈亮宏)
Chief Strategy Officer, Wecash
Managing Director, Wecash (Southeast Asia) Pte. Ltd.
Director and CEO, PT. Digital Tunai Kita
[email protected]

About China Merchants Venture Capital

China Merchants Venture Capital is a subsidiary of a leading state-owned conglomerate China Merchants Group. Started in Dec 2015 with a US$735 million fund from China Merchants Group, China Merchants Venture Capital adopts a combination of fund-of-funds and direct investment strategy to align with the group's "Industry 4.0" and "Internet+" strategy, with a focus on the future of transport, finance and real estate. Apart from providing growth capital, China Merchants Venture Capital also brings the might of parent China Merchants Group's operations to provide strategic value.

About Forebright Capital

Forebright Capital, which was spun off in 2015 from Hong Kong-listed financial conglomerate China Everbright Limited, currently manages US$1 billion in assets across four funds. As one of the earliest teams investing in China, Forebright is committed to partnering with business leaders, providing value-added services and driving long-term growth and returns for investors through discipline and rigorous process.

About SIG Ventures

SIG Ventures is the venture arm of Susquehanna International Group, one of the largest privately held financial institutions in the world, which invests in cutting-edge high-technology companies. With US$950 million under management, SIG Ventures is known for teaming with leading serial entrepreneurs and innovators on disruptive technologies that define and dominate high-growth markets.

This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wecash-completes-us80-million-series-c-financing-led-by-china-merchants-group-forebright-capital-and-sig-ventures-300443456.html


More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...