WeLab, a fintech company based in Hong Kong, announced today that it has raised $75 million in the latest funding round. The company has raised nearly $600 million in the last 7 years.
According to the official announcement, WeLab’s latest funding round was led by Allianz, one of the largest financial companies in Europe. Allianz Group made the investment through Allianz X, the digital investment unit of the firm.
WeLab mentioned that the company will use new funds to accelerate its growth in Asia. The company offers various financial services including digital banking and consumer finance. Founded in 2013, the firm has a strong client base in China, Indonesia and Hong Kong.
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Commenting on the latest funding announcement, Simon Loong, Founder & Group CEO of WeLab, said: “We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. More importantly, both companies share a vision of delivering advanced technology solutions to customers in Asia. Today, we announce both the new round of funding and a strategic partnership in wealth tech and banking at WeLab Bank. We look forward to expanding WeLab’s geographical presence and bringing our technology into these new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 hires, as investing in people and culture will be key to support future growth.”
Growth During COVID-19
Moreover, WeLab highlighted significant milestones during the coronavirus pandemic due to a jump in digital adoption across Asian markets. The fintech company mentioned that its user base increased by more than 20% within one year. WeLab added nearly 10 million users in 2020, the largest user growth in recent years. The firm has a strong presence in China. WeLab’s business partners in Mainland China for its B2B enterprise solutions platform jumped from 300 to 600 in 2020.
“WeLab Bank and Allianz Global Investors (AllianzGI) intend to enter into a strategic cooperation in digital wealth management and financial services,” the firm mentioned in the official announcement.