China-based online lending marketplace WeLab raised $220m in debt and equity financing last week in a series B+ round that featured e-commerce firm Alibaba’s Hong Kong Entrepreneurs Fund, financial services firms Credit Suisse and China Construction Bank (CCB) and International Finance Corporation, the private investment arm of the World Bank.
WeLab has developed an app-based peer-to-peer lending platform with over 25 million users. It normally issues small loans to consumers, and has reportedly experienced six or sevenfold year-on-year growth…
