WeLab Closes Series C-1 Funding, and Announces Partnership with Allianz

WeLab Bank, a Hong Kong-based virtual bank, today announced that it has raised $75 million in Series C-1 funding, led by Allianz X, the digital investment unit of Allianz Group.

In addition, the bank also announced its strategic partnership with Allianz to bolster the acceleration of WeLab's pan-Asian growth strategy and expansion of digital financial services.

With the new fund and new partnership, WeLab aims to combine its advanced digital banking technology capabilities and market know-how with Allianz's expertise in insurance and asset management, the two partners aim to holistically improve people's financial wellbeing. The broader strategic cooperation between WeLab and Allianz will continue to develop over time and encompasses two key areas, namely the rollout of pioneering digital wealth management in Asia and the launch of new markets and new products.

​Simon Loong, Founder & Group CEO of WeLab, commented, "We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. We see this as a first-in-market 4-way partnership where there are abundant synergies between WeLab, as a fintech leader and a pioneer in digital banking, and Allianz, as a global insurer and asset manager. More importantly, both companies share a vision on delivering advanced technology solutions to customers in Asia. Today, we announce both the new round of funding and a strategic partnership in wealthtech and banking at WeLab Bank. We look forward to expanding WeLab's geographical presence and bringing our technology into these new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 hires, as investing in people and culture will be key to support future growth."