Hong Kong-based fintech company WeLab has completed a $220 million Series D funding round, led by HSBC.
TL;DR
Hong Kong fintech WeLab raised $220 million in Series D funding led by HSBC, with plans to expand in Southeast Asia and pursue M&A. The company is a key player in Hong Kong's digital banking and Web3 sectors.
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According to Foresight News , citing Bloomberg, Hong Kong-based fintech company WeLab has completed a $220 million Series D funding round, with participation from HSBC, Prudential Hong Kong, Fubon Bank (Hong Kong), Hong Kong Investment Corporation, Allianz X, and TOM Group (a subsidiary of CK Hutchison Holdings). The funds raised will be used for expansion in Southeast Asia and mergers and acquisitions. WeLab is a founding/corporate member of the Hong Kong Web3 Association, and its subsidiary, WeLab Bank, received a virtual banking license (now called a digital bank) from the Hong Kong Monetary Authority in 2019. WeLab is also a member of the Hong Kong Institute of Bankers (HKIB).