WeLab raises $75m to develop its fintech platform, expanding 50m customer base in China
Published 15 March 2021
Allianz X has joined the Series C funding round for Hong Kong’s fintech unicorn WeLab at a $75 million deal announced in a statement this week.
WeLab is a Hong Kong financial technology company offering a range of services, such as online consumer credit platforms and virtual banking in Hong Kong, mainland China, and Indonesia. Last year, WeLab Bank became the third of eight licensed virtual banks to launch in Hong Kong and one of the first fully-licensed digital banks in Asia.
The new fundraising round aims to enable the company’s business expansion and tech platform development as WeLab has close to 50 million retail customers and 600 corporate customers in Hong Kong and Mainland China.
“This is a natural partnership where we see a lot of synergies between the whole WeLab Group and Allianz as a leading insurer and asset manager,” said Simon Loong, founder and group CEO of WeLab, pointing to their common focus on delivering advanced technology solutions to customers in Asia.
Within this cooperation framework, both partners plan to develop digital products and solutions for wealth management, knowing that WeLab has built various in-house innovations in this field to operate its high-performance technology platform.
After taking up Hong Kong, the second-highest bank deposits per capita in the world, both companies are looking to further expansions to other promising regions, such as in the Greater Bay Area, Indonesia and Southeast Asia markets.
“Asia is home to some of the most dynamic wealth management and banking markets of the world,” said Desmond Ng, Allianz Global Investors head of Asia Pacific.
Nazim Cetin, CEO of Allianz X, the digital investment unit of Allianz, added that the investment benefits Allianz both economically and strategically.
“The potential strategic cooperation with WeLab presents an exciting opportunity for Allianz Global Investors as an integral part of our growth strategy in Asia,” he said.
WeLab will also employ some 100 new staff this year to prepare for this scale-up, as they believe that investing in people and culture is the key to support its future growth.