The investment will be used to finance WeLab’s further expansion and, in particular, enable the ongoing development of its technological platform.
Allianz X, the digital investment unit of Allianz, has joined the Series C funding round for WeLab, with a $75 million investment, it announced in a statement this week.
The investment aims to enable business expansion and tech platform development, as WeLab has close to 50 million private and business clients in Hong Kong and China, which are key growth markets for Allianz.
The German insurance and asset management firm will cooperate with the unicorn on insurance and investment products, including digital wealth management solutions in Hong Kong. An expansion of the partnership is planned for the Greater Bay Area, and to Indonesia and Southeast Asia at a later stage, the announcement said.
Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us, Desmond Ng, Allianz Global Investors head of Asia Pacific, said in the statement.
Allianz X has already made several other investments in the region, including telemedicine company Halodoc, digital real estate brokerage 99.co, ride-hailing and lifestyle services platform GoJek, and BIMA, which provides digital insurance in emerging and developing markets.
Established in 2013, WeLab provides digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as a number of technology-driven services. It has close to 50 million retail customers and 600 corporate customers in China, Hong Kong and Indonesia.
In July 2020, WeLab Bank became the third of eight licensed virtual banks to launch in Hong Kong