ORIX to Invest in “Wecash”, the Leading Online Credit Assessment Solution Provider in China
Second Investment in the Leading Internet Finance Company in China
Mar 02, 2018
Tokyo, Japan – March 2, 2018 - ORIX Corporation ("ORIX") announced today a US$60 million investment in Wecash ("Wecash") through ORIX Asia Capital Limited, the wholly owned investment arm of ORIX in the Greater China region. Founded in 2013 by Mr. Zhengchun Zhi, representing China’s new generation of entrepreneurs in fintech sector, Wecash pioneers the online credit data analysis industry in China providing cutting-edge Big Data-based personal credit analysis services.
Leveraging its core technical capabilities in AI technology, such as big data, machine learning, Wecash has built an online platform providing fully automated personal credit assessment services with high accuracy. Such technological advance ensures efficient and reliable connections between individual borrowers and financial institutions, enabling consumers to access financial resources to meet their purchasing needs, specifically in 3C electronics, home rental and aesthetic medicine areas.
With more than 100 million users as of January 2018, Wecash has achieved unparalleled market position that has been attracting renowned investors including IDG, SIG, China Merchants Group and Forebright Capital. Wecash has also expanded its operation into Brazil and Indonesia. ORIX is proud to join this league of esteemed investors as a strategic partner of Wecash and looking forward to collaborating with the company in China as well as other emerging markets.
After the investment in Dianrong*, this alliance with Wecash further demonstrates ORIX’s positive view towards the fast growing fintech sector in China. Together with other investment portfolios in Greater China, ORIX is committed to its businesses and strategic investment activities in this high-growth potential region.
*Press release dated January 24, 2018: “ORIX to Invest in the Peer-to-Peer Lending Company “Dianrong” in China”
Corporate Planning Department
About ORIX Asia Capital Limited:
ORIX Asia Capital Limited (OAC), a wholly-owned subsidiary of ORIX Corporation (ORIX), is the investment platform for ORIX in the Greater China region. Built on ORIX's reputation, experiences, resources and network, OAC has developed into a leading principal investment firm focusing on diversified investments including private equity, GP/LP investment and structured financing. Since its inception, OAC has invested in many leading companies from several industries including renewable energy, infrastructure, healthcare, consumer goods, and Fintech etc. OAC has been considered a strategic partner with strong commitment to the long-term development of the portfolio companies. For more details, please visit our website: http://www.orixasiacapital.com.hk/en/
ORIX Corporation (TSE: 8591; NYSE: IX) is an opportunistic, diversified, innovation-driven global powerhouse with a proven track record of profitability. Established in 1964, ORIX at present operates a diverse portfolio of businesses in the operations, financial services, and investment spaces. ORIX’s highly complementary business activities span industries including: energy, private equity, infrastructure, automotive, ship and aircraft, real estate and retail financial services. ORIX has also spread its business globally by establishing locations in a total of 40 countries and regions across the world. Through its business activities, ORIX has long been committed to corporate citizenship and environmental sustainability. For more details, please visit our website: http://www.orix.co.jp/grp/en/
Founded in Beijing in 2013, Wecash, as a tech-driven company, is committed to building a credit assessment solutions system for global financial institutions. Fully utilizing its core advantages in big data, machine learning and AI, Wecash empowers different industries such as 3C electronics, home rental and aesthetic medicine, to discover more opportunities and create smarter lives for people. Aiming to be a global technology company, Wecash has provided online credit assessment solutions to more than 50 financial institution partners and has accumulated more than 100 million users. Wecash has also expanded beyond China through the establishment of operations in Brazil and Indonesia. For more information, please visit https://www.wecash.net/.
Caution Concerning Forward Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under "Risk Factors" in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission and under "(4) Risk Factors” of the "1. Summary of Consolidated Financial Results" of the "Consolidated Financial Results April 1, 2016 - March 31, 2017."
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