Founded in 2014, WeCash is the first online credit assessment platform that provides solutions for technology companies.
WeCash leverages machine-learning algorithms to assess credit scores in less than 15 minutes. By mining about 600 million mobile users’ data, WeCash is able to quickly provide extensive credit scoring service and build customized solutions for customers’ credit risk. The platform has more than 35 million users and partnered with banks, insurance & rent service providers but also job-seeking websites and P2P lending platforms, so that unserved customers could tap those services when attractive credit scores provided by WeCash.
WeCash was named 2014 & 2015 FINTECH 100 by KPMG and H2 Ventures.
- WeCash, the Beijing-based credit scoring platform, has recently counted more than 35 million users. It raised $20 million in a round led by SIG Ventures in March 2015 and earlier received $6.6 million in July 2014 in a Series A raise led by IDG Capital just after its launch.
- With machine learning algorithms, WeCash will provide credit assessments within 15 minutes for amount of less than CNY6000 (USD $977), once connected to user’s social media account & Taobao account. Larger amounts are also scored quickly– in less than two hours.
- Rides on trend that P2P lending credit system in China is barely starting from scratch, when the transaction volume in this sector grew from $1.36 billion (2011) to $40.03 billion (2014).
- With new funds and customers coming in, WeCash plans to expand its credit scoring service to Hong Kong and South East Asia countries by the end of 2016.
- Fast: The usual credit assessment is no more than 15 minutes, once required data provided. For amounts over CNY6000(USD $977) the process will take no longer than two hours.
- User friendly: User only needs to connect to social media and Taobao account. This new type of behavioral-data-credit-rating is leveraging on social media activities and online purchase records.
- Broad use: Starting from working P2P lending and banking services, now users can provide their WeCash credit scoring to insurance providers, house & car renting agencies, job-seeking platforms even blind dating websites.
How to use it
- Register with a cellphone number
- Connect with social media/Taobao account
- Get your credit scores quickly (from A to D)
- Scoring relevant for financial services, P2P lending, renting, job seeking and other services