Hong Kong virtual bank licensee WeLab Bank has just completed one of China’s biggest fintech fundraising rounds for 2019.
WeLab Bank has raised USD$156 million in a Series C financing round which saw the participation of both new and existing investors.
Existing investors who participated in the fundraising included Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank (International).
“This financing will be used to further develop and broaden our platform as a fintech enabler,” said Simon Loong, WeLab Bank Founder and Group CEO.
“Further investment into technology research and development will enable us to apply these innovative technologies around the region and roll out additional products and services for our customers to provide holistic financial services digitally.”
Hong Kong-headquartered WeLab was founded in 2013, and is active across the three markets of Hong Kong, mainland China and Indonesia.
WeLab operates mobile lending platform Wolaidai (我来贷) in China (renamed WeLab Digital in 2019), and fintech joint venture AWDA in cooperation with PT Astra International in Indonesia.
In April 2019 WeLab grabbed a license to operate a virtual bank from the Hong Kong Monetary Authority, and plans to launch WeLab Bank in 2020.
Hong Kong Digital Banks Expected to Focus on Mobile Payments and Micro-Loans
Hong Kong Monetary Authority Issues Virtual Banking Licenses to Ant Financial, Tencent, Ping An and Xiaomi Subsidiaries