WeLab, a Hong Kong-based fintech company, completed the initial close of Series C-1 funding for US$75m.
The round was led by Allianz X with existing investors also participating (China Construction Bank International, International Finance Corporation, Khazanah Nasional Berhad, TOM Group, and Sequoia Capital). WeLab and Allianz have also established a strategic partnership to drive fintech collaboration across Asia’s financial services landscape.
The final close is expected in the coming months.
The company intends to use the funds to accelerate its pan-Asian growth strategy and expansion of digital financial services.
WeLab is a fintech company that operates a licensed digital bank in Asia – WeLab Bank, as well as multiple online financial services with close to 50 million individual users and over 600 enterprise customers.
Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, the company offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.
The company operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.