WeLab Raises $156M Series C to Launch Virtual Bank in Hong Kong
WeLab, a Hong Kong-based fintech company, completed a $156 million Series C strategic financing round on December 12, 2019, marking the largest fintech fundraising in Greater China that year. WeLab had previously secured one of Hong Kong's coveted virtual bank licenses earlier in 2019, establishing WeLab Bank with plans for a 2020 launch. The virtual bank license enables WeLab to offer fully digital banking services without physical branches, a model closely aligned with Banking-as-a-Service principles.
The Series C funding was intended to support the buildout and launch of WeLab Bank as well as the company's broader digital lending and financial services operations. WeLab operates across Hong Kong, mainland China, and Indonesia, providing online lending and financial technology solutions. The funding round underscores investor confidence in Asia's virtual banking opportunity as regulators in Hong Kong opened the market to digital-only bank entrants.
The deal positions WeLab as a significant player in the emerging embedded finance and digital banking ecosystem across the APAC region.
- Validates Hong Kong's virtual banking license framework as a catalyst for fintech-driven digital banking in APAC
- Signals growing investor appetite for digital-only banking models that could evolve into BaaS platforms serving third-party brands