HK’s fintech startup WeLab raises $75m funding led by Allianz X

WeLab

Hong Kong-based fintech startup WeLab has garnered as much as $75 million led by Allianz X, a digital investment unit of Germany’s Allianz Group, per an announcement.

This marks the first close of its Series C-1 round that has brought the total corpus raised by WeLab to over $600 million.

The round also saw the participation of its existing investors but their names were not disclosed.

The company earlier made headlines in December 2019 when it raised $156 million in its Series C round from Alibaba Hong Kong Entrepreneurs Fund, and China Construction Bank (International), among others.

The ongoing Series C-1 round is set to reach its final close over the next few months.

Apart from the $75 million of financing in the current round, WeLab and Allianz have forged a partnership in a bid to drive fintech collaboration across Asia’s financial services landscape.

WeLab, a virtual bank in Hong Kong, uses proprietary risk management technology and AI to provide financial services to over 40 million users across Hong Kong, Indonesia and mainland China. It also offers B2B enterprise solutions by partnering with traditional financial institutions.

WeLab claims to have achieved a significant boom during the COVID-19 pandemic as it transformed digital financial services. As of 2020, WeLab’s user base jumped to 50 million, a 20% year-on-year growth.

“We look forward to expanding WeLab’s geographical presence into the new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 people,” said WeLab founder & group CEO Simon Loong.

In early-stage rounds of funding, WeLab had also attracted a cluster of marquee investors which were Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, World Bank Group’s International Finance Corporation, Sequoia Capital and ING Bank.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.