According to Fstech, Hong Kong fintech group WeLab has announced the completion of a $220 million (over HKD 1.7 billion) Series D strategic financing round, led by HSBC, with participation from Prudential Hong Kong, Fubon Bank (Hong Kong), Hong Kong Investment Management Company (HKIC), TOM Group, and Allianz Group. The new funding will be used to expand business operations, support the AI vision previously announced, and accelerate customer growth by providing a diversified range of financial products. WeLab is a founding member of the Hong Kong Web3.0 Association. In 2019, it was granted a banking license by the Hong Kong Monetary Authority to operate as a virtual bank (the term has since been updated to digital bank). The bank is also a member of the Hong Kong Institute of Bankers (HKIB) and in 2023 received asset financing of $260 million from Citibank.
Hong Kong Fintech Group WeLab Completes $220M Series D Strategic Funding Led by HSBC
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Summary
Hong Kong fintech group WeLab has secured $220 million in Series D funding, led by HSBC and including Prudential Hong Kong, Fubon Bank (Hong Kong), and others. The funds will be used to drive ecosystem growth, customer expansion, and AI development. WeLab holds a digital bank license from the Hong Kong Monetary Authority and is a member of the Web3.0 Association. Additionally, in 2023, WeLab received $260 million in asset financing from Citibank.
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