Investment from Allianz X will help WeLab finance for its further expansion and support the ongoing development of its technological platform
Hong Kong-based fintech WeLab has received a $75m investment from Allianz X, the digital investment business of Germany-based Allianz, as part of its Series C financing round.
The new investment from Allianz X would help WeLab finance its further expansion and support the ongoing development of its technological platform.
Both firms intend to jointly develop digital products and solutions for wealth management, under a framework of cooperation.
The partnership will initially begin in Hong Kong, with plans to expand to the remaining Greater Bay Area, and Indonesia and the Southeast Asian markets in the later stage.
Allianz X CEO Nazim Cetin said: “In a relatively short amount of time, WeLab has built up a powerful platform for digital financial services and achieved excellent access to private and business customers in Asia, a region of strategic importance for Allianz.
“WeLab’s high-performance technology platform, in particular, makes it a unique fintech in the Asian markets. The investment in WeLab is a promising one for Allianz both economically and strategically.
“Together with our partners within Allianz, we look forward to leveraging our strategic partnership with WeLab and the business potential in the region.”
Allianz X has already made several investments in the region, including in telemedicine company Halodoc, digital real estate brokerage 99.co, and digital services platform GoJek.
The company said that fintech WeLab will further strengthen its portfolio.
Established in 2013 in Hong Kong, WeLab is a digital financial service provider that offers digital banking and loans for private customers in Hong Kong, China, and Indonesia.
Also, the firm offers a digital lending platform to connect lenders and borrowers, along with technology-driven services to support financial institutions in their lending processes.
WeLab founder and Group CEO Simon Loong said: “We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group.
“This is a natural partnership where we see a lot of synergies between the whole WeLab Group and Allianz as a leading insurer and asset manager, particularly as we share a focus 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 financial services with WeLab Bank.”
In December 2019, the fintech has secured $156m in a Series C funding round to support its global expansion plans.