Hong Kong-based FinTech unicorn WeLab raised $75m in new Series C1 funding round led by Allianz.
WeLab plans use the new funds to accelerate its growth and develop its insurance solutions in Asia. It also aims to diversify its current offerings which currently include a digital bank and a lending platform.
The new round follows WeLab’s $156m Series C round in late 2019. The new round brings the firm’s total funding amount raised since 2013 to $600m.
To add on, WeLab Bank and Allianz Global Investors intend to enter into a strategic association to boost digital wealth management and financial services. Once implemented, WeLab Bank will be the first digital bank to launch a WealthTech advisory technology in Asia, the firm claimed.
Commenting on the latest investment, founder and CEO of WeLab Simon Loong said, “[Allianz and WeLab] share a vision of delivering advanced technology solutions to customers in Asia. Today, we announce both the new round of funding and a strategic partnership in wealth tech and banking at WeLab Bank. 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.”
Highlighting some of its achievements amid the coronavirus pandemic, the firm said that its user base increased by more than 20% within one year in addition to adding nearly 10 million users in 2020. This was due to the escalation of digital adoption across Asian markets.
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