WeBank, a financial services affiliate of internet company Tencent, is raising its first external funding at a $5.5bn post-money valuation.
WeBank, the financial services affiliate of China-based internet group Tencent, is set to raise more than $450m in a round led by private equity firm Warburg Pincus, the Wall Street Journal reported yesterday.
The round, which also includes Singaporean state-owned investment firm Temasek, will value WeBank at $5.5bn post-money according to people familiar with the matter. It represents WeBank’s first extrernal funding and is expected to close this week.
Launched in June 2015, WeBank operates an online banking service, extending…
