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.
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.