Hong Kong-based virtual bank WeLab announced that it has completed the initial close of Series C-1 funding led by Allianz X for US$ 75 million. Allianz X is the digital investment unit of the Germany-based Allianz Group, one of the world’s largest insurers and asset managers.

Existing investors also participated in this Series C-1 round which remains ongoing with the final close expected in the coming months.

With this round of investment and new partnership, WeLab looks to combine its advanced digital banking technology capabilities and market know-how with Allianz’s expertise in insurance and asset management where the two partners aim to holistically improve customers’ financial wellbeing.

The broader strategic cooperation between WeLab and Allianz will continue to develop over time and encompasses two key areas which includes the deployment of wealthtech advisory technology in Asia.

Additionally, the two companies are exploring opportunities to offer new digital investment and insurance products in the region, combining Allianz’s expertise in investment and insurance and WeLab’s network of customers and technology.

Since inception in 2013, WeLab has raised more than US$ 600 million of strategic financing from the world’s most renowned investors.

Simon Loong, Founder & Group CEO of WeLab, said,

“We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. We see this as a first-in-market 4-way partnership where there are abundant synergies between WeLab, as a fintech leader and a pioneer in digital banking, and Allianz, as a global insurer and asset manager. More importantly, both companies share a vision on delivering advanced technology solutions to customers in Asia.

 

Today, we announce both the new round of funding and a strategic partnership in wealthtech and banking at WeLab Bank. 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.”

Featured image: Simon Loong, Founder & Group CEO of WeLab