WeLab Aims For IPO At Valuation Up To $2 Billion

Ella Jones, Deputy Editor In Chief

WeLab, the Hong Kong-based fintech unicorn backed by billionaire Li Ka-shing, is said to be planning an initial public offering for later this year, according to a report from Nikkei Asia.

The listing could value the startup from $1.5 billion to $2 billion, the report said. The firm is apparently seeking to list its shares in either Hong Kong or the U.S. WeLab did not respond to a request for comment about its plans for an IPO.

WeLab attained its unicorn status as a startup with a valuation of more than $1 billion during a $220 million funding round in 2017.

Today, WeLab has grown its customer base to 47 million users with operations in three markets: WeLend and WeLab Bank in Hong Kong; WeLab Digital, Taoxinji and Tianmian Lab in mainland China; and Maucash in Indonesia.

WeLab’s success attracted early investments from the likes of Sequoia Capital and Hong Kong tycoon Li Ka-shing's Tom Group that were later followed by Alibaba Hong Kong Entrepreneurs Fund, International Finance Corp. and ING Bank, among others.

by Ella Jones | Linkedin

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