WeLab, the Hong Kong based fintech startup, has finalized its Series C-1 $75 million funding round, which was led by Allianz X.
Allianz X is the digital investment division of Germany’s Allianz Group, one of the world’s largest insurance service providers and fund managers. Since launching operations in 2013, WeLab has secured over $600 million of strategic financing from well-known investors.
Allianz X’s investment will be instrumental in financing WeLab’s further expansion and enabling the ongoing development of its technological platform. Also marking the start of a deeper strategic cooperation between Allianz and WeLab. Through this partnership, both companies plan to jointly develop digital products and solutions for wealth management, among other things.
This joint effort will begin in Hong Kong with a further expansion plan to the rest of the Greater Bay Area with its 72 million total inhabitants, potentially also to Indonesia and the Southeast Asian markets at a later stage.
Since its founding in 2013, WeLab has grown to be one of the big digital financial service providers in Asia. Its services include digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as several technology-driven services to support financial institutions in their lending processes.