TechFlow reported, citing Bloomberg and sources familiar with the matter, that Hong Kong virtual bank and online lending platform WeLab has secured $260 million in asset financing from Citigroup.
The sources said Citigroup is the sole senior underwriter for the deal but requested anonymity as the transaction has not been made public. Representatives for both Citigroup in Hong Kong and WeLab declined to comment.
This financing was first reported last November, when WeLab's valuation was estimated at around $2 billion. WeLab is based at Hong Kong Science Park and is also a founding member of the Hong Kong Web3.0 Association.
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