Friday 21 Jun 2024
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KUALA LUMPUR (March 11): Hong Kong-based mobile lending platform operator WeLab has completed the initial close of Series C-1 funding led by Allianz X for US$75 million, according to a statement by WeLab.

To drive fintech collaboration across Asia’s financial services landscape, both WeLab and Allianz have also formed a strategic partnership with plans to develop and distribute investment and insurance solutions, said the Hong Kong-based company.

“WeLab is perfectly positioned in this strategic partnership with Allianz to take advantage of the vast opportunities in Asia where its total addressable market size for financial services is close to US$3 trillion in annual revenue,” it said.

Through this partnership, WeLab aims to combine its advanced digital banking technology capabilities with Allianz’s expertise in insurance and asset management.

“We look forward to expanding WeLab's geographical presence and bringing our technology into these new markets with Allianz. 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,” said WeLab’s founder and group chief executive officer Simon Loong.

Allianz X is the digital investment unit of the Germany-based Allianz Group, one of the world's largest insurers and asset managers.

According to the statement, WeLab has raised more than US$600 million of strategic financing from the world's most renowned investors since 2013.

WeLab said it is also backed by a number of investors, including Malaysian sovereign wealth fund Khazanah Nasional Bhd, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison's TOM Group, and Sequoia Capital.

Edited ByLam Jian Wyn
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