HK fintech unicorn WeLab secures $156m in Series C round

HK fintech unicorn WeLab secures $156m in Series C round

WeLab founder and CEO Simon Loong. Photo: WeLab's LinkedIn page

Hong Kong-based fintech unicorn WeLab has secured $156 million in a Series C round of financing, months after the company was granted with a virtual banking license by the central bank in the city this April.

The Series C round was backed by investors including Alibaba Hong Kong Entrepreneurs Fund, a not-for-profit initiative launched by Alibaba Group to back young entrepreneurs, and CCB International, an investment services company owned by China Construction Bank (CCB), according to a company statement on Thursday.

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