China-based peer-to-peer lending platform WeLab has closed a series A round backed by media company Tom Group at $20m, China Money Network reported on Tuesday.
Tom and Sequoia Capital invested an initial $14m in the round’s first tranche in June 2014. DST Global, a venture capital firm spun out of internet company Mail.ru, and Iconiq Capital have joined Tom Group in subsequently backing the round.
WeLab’s lead product is a lending platform dubbed WeLend, but it plans on focusing more closely on financial technology as it moves beyond its home city of Hong Kong into mainland China where the microlending sector is highly competitive.
The company will use the series A proceeds to increase its market reach and improve risk control systems.