Chinese credit assessment startup Wecash lands $80m

Chinese online credit evaluation platform Wecash has raised $80m in a Series C round.

The investment comes from China Merchants Innovation Investment Management, Forebright Capital Management and SIG.

The Beijing-based company aims to use data mining and machine learning to quickly conduct credit assessments enabling users to access capital borrowing and lending, car and house rental, travel and education.

Wecash has worked with more than 30 financial institutions and facilitated more than $2bn worth of transactions.

It counts more than counts more than 45 million users to date.

The company says the new capital will be used to enhance its artificial intelligence capabilities and build a machine-learning chips research team. It will also fuel overseas expansion.

Wecash previously raised a $20m Series B round led by SIG following a $6.6m Series A round led by IDG.

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