WeCash Revenue and Competitors

Founded in Beijing in early 2014, Wecash is the first Chinese technology company to apply big data and machine learning to prevent fraud and determine credit worthiness in the financial sector. Our first product – the Wecash app – has changed the lifestyle and consumption patterns of countless consumers in China. With over 100 million users and 40 financial institution partners, Wecash’s technology has been successfully applied to evaluate consumer credit for loans in 3C, agriculture, aesthetic medicine, home rental, cars, insurance and travel, processing more than US$6 billion in loans since its founding. In 2014 and 2015, Wecash was twice recognised as one of the world’s top 50 fintech companies, and was the only Chinese company in the list in 2014. Since 2016, Wecash has also expanded beyond China through the establishment of offices and operations in Brazil, Singapore and Indonesia. Wecash’s credit evaluation system is based upon a dynamic risk-pricing model that integrates “finance knowledge”, “internet data” and “mobile network” with big data models and techniques, providing financial institutions with a holistic view of a consumer’s credit score in support of their credit decisions. This engine collects and processes up to 12,000 data points which are then classified into 9 categories of key user behaviours to evaluate the credit of each loan applicant. From these data points, tens of thousands of indicators are generated and cross-checked in evaluating the repayment willingness and ability of each applicant. In merely seconds, our engine can compute an applicant’s credit limit and risk scoring, reducing non-performing loans for partner financial institutions by 70% or higher. The continuously updated credit score can in turn be used by participating consumers to withdraw cash (over the counter, into a bank account or mobile wallet), pay for goods through an instalment plan or engage in other lifestyle activities such as property or car leasing.