Hong Kong-based WeLab has reportedly closed a $220 million Series D funding round, marking the biggest capital raise for a digital banking group in the region this year. This milestone underscores growing investor enthusiasm for financial technologies amid evolving economic landscapes.
Founded in 2013, WeLab has gradually emerged as a key pan-Asian fintech player, specializing in digital banking and lending services.
The company operates virtual banks across Hong Kong, Indonesia, and the Philippines, serving millions of customers with seamless, tech-driven financial solutions.
As Hong Kong’s largest digital bank by assets, WeLab has disrupted traditional banking by leveraging artificial intelligence and data analytics to offer personalized loans, savings accounts, and wealth management tools.
Its user-centric approach has propelled growth, with operations expanding beyond its home base to tap into Southeast Asia’s digital economy.
The latest funding, a mix of debt and equity, attracted a roster of high-profile investors, reflecting confidence in WeLab’s scalable model.
Key participants include global giants HSBC Holdings and Prudential Hong Kong, alongside Fubon Bank (Hong Kong), the Hong Kong Investment Corporation (HKIC), TOM Group, and Allianz X.
Notably, TOM Group and Allianz X are returning investors, signaling sustained belief in the company’s trajectory.
While WeLab did not reveal its current valuation, industry sources previously pegged it at around $2 billion during earlier funding discussions in 2022.
Proceeds from this round are earmarked for accelerating WeLab’s growth plans in Southeast Asia, where demand for accessible financial services is surging.
Simon Loong, WeLab’s founder and group CEO, emphasized the strategic focus:
“This investment empowers us to enhance customer experiences, allowing them to handle, preserve, and increase their wealth effortlessly.”
A portion of the funds will also bolster the company’s AI initiatives, including a recent partnership with Google to integrate advanced AI agents for hyper-personalized services and revamped marketing strategies.
This AI-first approach aims to modernize operations, from credit assessments to customer engagement, positioning WeLab at the forefront of fintech advancements.
The timing of this raise is opportune, as Asia‘s digital banking market is projected to grow steadily, driven by smartphone penetration and regulatory support for fintechs.
In Hong Kong alone, virtual banks like WeLab have gained traction since the Hong Kong Monetary Authority issued licenses in 2019, challenging incumbents with lower costs and faster services.
WeLab’s expansion into markets like Indonesia, where it runs Bank Saqu, aligns with regional trends toward financial inclusion, targeting underserved populations with mobile-first products.
Analysts view this funding as a vote of confidence in WeLab’s resilience, especially post-pandemic, when digital finance adoption surged.
With over 60 million users across its platforms, the company is well-poised to capitalize on this momentum.
However, challenges remain, including regulatory hurdles in diverse Asian markets and competition from other fintechs like Gojek and Ant Group.
WeLab plans to deepen its product offerings in Hong Kong while scaling in Southeast Asia, potentially exploring new ventures in wealth tech and insurtech.
This $220 million infusion not only validates its decade-long journey but also sets the stage for WeLab to redefine banking in one of the world’s most progressive regions.
