The media company has invested in a $14m series A round for microlending platform WeLab, which plans to now expand from Hong Kong into mainland China.
China-based peer-to-peer lending platform WeLab has raised $14m in series A funding from media company TOM Group and venture capital firm Sequoia Capital, the New York Times reported on Monday.
Founded in early 2013, WeLab aims to bring big data to finance, utilising large amounts of information to help businesses evaluate and price credit risk. The Hong Kong-headquartered company plans to use the funding to support a push into the rest of China.
TOM Group CEO Ken Yeung said in…
