Wecash

lendingcredit scoringbig data analyticsartificial intelligence/machine learning

FOUNDING YEAR: 2013
LOCATION: China
Last Update: 01/05/2020

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About

Wecash, a subsidiary of Abakus, was introduced in October of 2013 and is based on the B2B2C model which connects financial institutions and customers. Wecash is a powerful fintech platform which uses AI to help banks and financial institutions achieve intelligent marketing. This reduces customer acquisition costs and improves decision-making efficiency. To date, Wecash has helped more than 80 financial institutions complete transactions with 40 million users.

MEDICI Analysis

Wecash is a big data credit assessment platform that provides solutions to technology companies. Wecash leverages AI technology and machine learning chips to provide services across a variety of industries, including finance, residential rentals, and consumer goods.

Focus

PRODUCTS & SERVICES

Wecash offers credit evaluation services by leveraging data mining analysis and machine learning technologies. The evaluation results enable individual users & financial institutions to complete transactions quickly and effectively.

REVENUE MODEL

The company generates revenue from microcredit deals and interest as well as from renting credit scores to other companies.

MAIN CLIENTS

Retail and institutional customers

COMMENT

As of the end of January 2018, Wecash had supplied hundreds of millions of credit reports based on the 130 million users whose credit histories were available in the Wecash database and also the company has provided solutions to over 50 financial institutions.

People

BOARD MEMBERS AND ADVISORS

George Zhengchun Zhi

INVESTORS:

China Merchants Group

Forebright

Foresight Group

Hongdao Capital

IDG Capital Partners

Lingfeng Capital

Orix Capital Corporation

Sagamore

SEA Group

SIG Ventures

KEY EMPLOYEES:

George Zhengchun Zhi (CEO)

Purui Wang (CTO)

Momentum

FUNDED

YES

TOTAL FUNDING

$326.81 M

DATE OF LAST FUNDING

Mar 2018

TOTAL FUNDING COMMENT

The company is planning to use its funds to expand its lifestyle service portfolio to include residential rentals, consumer goods, and aesthetic surgery and to widen the application of its artificial intelligence capabilities in data mining, machine learning, and smart chips. (Mar. 2018)

FUNDING SERIES

SERIES A  · $5.81 M  · Sep 2014

SERIES B  · $20 M  · Mar 2015

SERIES C  · $80 M  · Apr 2017

SERIES D  · $221 M  · Mar 2018

DEBT FUNDING

$420 K

LISTED

NO

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