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.