Chinese big data startup Wecash raises $160m led by ORIX Asia, Sea Group

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By Pramugdha Mamgain

March 5, 2018

Chinese big data tech company Wecash Technology Co., Ltd on Friday announced that it has raised $160 million in a Series D financing round led by ORIX Asia Capital Ltd and Hong Kong-based property investment and development firm SEA Group.

Existing investors SIG Asia, Forebright Capital, Lingfeng Capital, and Hongdao Capital, along with Sagamore Investments, also participated in the round, according to a statement.

Wecash founder and CEO Zhi Zhengchun said that the Series D funding will be used to widen the application of artificial intelligence (AI) in data mining, machine learning and smart chips and to expand the company’s lifestyle service portfolio to include residential rentals, consumer goods and aesthetic surgery.

Founded in 2013, Wecash offers credit evaluation services by using data mining analysis and machine learning technologies. In particular, the company supplies individuals with financial services as well as lifestyle services, including 3C (computer, communication and consumer electronics), residential rentals and access to aesthetic surgery, while providing partners with an opportunity to monetize their data on consumer behaviors and spending habits as well as assist financial institutions in securing tangible assets.

The company raised tens of millions of dollars in C Series financing led by China Merchants Group, SIG and Forebright, following the securing of nearly $10 million in A Series financing from IDG and $20 million in B Series financing from SIG, the statement added.

As of the end of January 2018, Wecash claimed to had supplied hundreds of millions of credit reports based on the 130 million users whose credit histories were available in the company’s database.

In addition, the company had provided solutions to over 50 financial institutions and expanded its presence into Indonesia, Singapore, Brazil and the US as well as other countries and regions worldwide.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW