WeLab Completes Preliminary Closing of Funding for Sequence C-1 Led by Allianz X for US $ 75 Million and Pronounces Strategic Partnership
WeLab operates a number of on-line monetary providers with main positions in Hong Kong, Mainland China and Indonesia together with digital banking and client credit score firms, with almost 50 million particular person customers and greater than 600 company prospects. As Asia is coming into the digital banking revolution and plenty of international locations within the area are finding out or implementing digital banking frameworks. WeLab is forward of the curve, main the brand new period of banking WeLab Financial institution in Hong Kong – one of many first totally licensed digital banks in Asia since acquiring its license in early 2019. With its distinctive data of the market and its huge community, WeLab is completely positioned on this strategic partnership with Allianz to benefit from the huge alternatives in Asia the place the overall dimension of its addressable marketplace for monetary providers is near US $ 3 trillion in annual turnover.
WeLab has taken milestones within the more and more digital period of COVID
Within the period of COVID, the market is altering quickly, with accelerated digital adoption as one of many outcomes. The pandemic has remodeled the monetary habits of individuals all through their monetary journey. The increase in digital service adoption performs into WeLab’s energy in fintech providers. WeLab has emerged stronger from the pandemic, with a number of firms making milestones prior to now yr. For instance:
- Fueled by the rising adoption of digital in on-line monetary providers, WeLab’s person base grew 20% year-over-year, including round 10 million customers to the present base of fifty million customers, the strongest person development lately;
- Launch of an solely digital financial institution through the third wave of the pandemic in Hong Kong proved to be extraordinarily well timed, with WeLab Financial institution having achieved sturdy traction in its first 6 months of operations;
- WeLend, Hong Kong the most important pure on-line lending platform, outperformed the market by 70% through the yr to succeed in its all-time report gross sales quantity, at a time when the hours of operation and the enterprise mannequin conventional branches had been severely hampered;
- WeLab’s B2B Enterprise Resolution Platform in Mainland China Doubled the Variety of Enterprise Companions from 300 to Over 600 as Monetary Establishments Flip to On-line Monetary Companies;
- In Indonesia, the Maucash cell lending platform continues to evolve with elevated model recognition and recognition of on-line monetary providers in Indonesia, reaching quantity development of greater than 6x over one yr.
Partnership to speed up development of WeLab’s pan-Asian monetary providers footprint
With this spherical of funding and new cooperation, WeLab goals to mix its superior digital banking expertise capabilities and market know-how with Allianz’s insurance coverage and asset administration experience, two companions purpose to enhance the general monetary well-being of individuals. The broader strategic cooperation between WeLab and Allianz will proceed to develop over time and encompasses two key areas:
- The deployment of pioneering digital wealth administration in Asia: WeLab Financial institution and Allianz International Traders (AllianzGI) intend to enter right into a strategic cooperation within the area of digital wealth administration and monetary providers. WeLab Financial institution plans to develop and distribute digital wealth administration options with AllianzGI, a world asset supervisor beneath Allianz, with property beneath administration of over 582 billion euros*. These would purpose to fulfill the numerous unmet funding wants Asia, a area the place solely 27% of the inhabitants makes use of monetary advisers, leading to an underestimated inhabitants of over 3.4 billion. As soon as applied, WeLab Financial institution would be the first digital financial institution to deploy this wealth expertise advisory expertise in Asia. The plan is to deploy these wealth administration providers to new digital prospects by Hong Kong and later at Guangdong-Hong Kong-Macau Larger Bay Space (GBA), through Wealth Administration Join, reaching the 72 million inhabitants of one of many richest megalopolises on this planet.
- New markets and new merchandise: growth and distribution of funding and insurance coverage options: WeLab acknowledges the alternatives to develop the regional attain of its monetary providers choices to different markets through which Allianz operates. For instance, within the burgeoning digital economies of Southeast Asia, there are round 400 million energetic web customers, however over 70% of the overall inhabitants is both unbanked or under-banked. banked. So there may be a number of potential to develop cooperation. The 2 firms are exploring alternatives to carry new digital funding and insurance coverage merchandise to the area, combining Allianz funding and insurance coverage experience and WeLab’s buyer and expertise community.
Simon loong, Founder and CEO of the WeLab group, stated: “We’re delighted to welcome Allianz as an investor and strategic companion of the WeLab group. We see this as a primary 4-way partnership through which there are plentiful synergies between WeLab, as a pacesetter within the fintech and digital banking pioneer, and Allianz, as a world insurer and asset supervisor.Extra importantly, the 2 firms share a imaginative and prescient on delivering superior expertise options to prospects in Asia. At this time we’re asserting each the brand new funding spherical and a strategic partnership in wealth applied sciences and banking at WeLab Financial institution. We look ahead to increasing WeLab’s geographic presence and bringing our expertise to those new markets with Allianz. We will step up our hires this yr, with the aim of including round 100 hires, as investing in folks and tradition might be vital to supporting future development. ”
Nazim Cetin, CEO of Allianz X, stated: “In a comparatively brief time period, WeLab has applied a robust platform for digital monetary providers and gained wonderful entry to retail and enterprise prospects by Asia, a area of strategic significance for Allianz. WeLab’s high-performance expertise platform, particularly, makes it a singular fintech in Asian markets. The funding in WeLab holds promise for Allianz each economically and strategically. We look ahead to leveraging our strategic partnership with WeLab and the area’s enterprise potential. ”
Desmond Ng, Boss of Asia Pacific at Allianz International Traders, mentionned, “Asia dwelling to among the world’s most dynamic banking and wealth administration markets. Hong Kong, particularly, is a crucial marketplace for us. With the second highest variety of financial institution deposits per capita on this planet, it’s a very enticing wealth administration market. The potential strategic cooperation with WeLab presents an thrilling alternative for Allianz International Traders as an integral a part of our development technique by Asia. “
Present buyers additionally participated on this spherical, reflecting their continued perception and confidence in WeLab. Sequence C-1 continues to be ongoing, with last closing anticipated within the coming months.
WeLab, a number one fintech firm in Asia, operates one of many first licensed digital banks in Asia – WeLab Financial institution, in addition to a number of on-line monetary providers with main positions in Hong Kong, Mainland China and Indonesia, with almost 50 million particular person customers and greater than 600 company shoppers. WeLab makes use of revolutionary expertise to assist prospects entry credit score, get monetary savings, and revel in their monetary journey.
Powered by proprietary threat administration expertise, patented privateness computation strategies and superior AI capabilities, WeLab gives cell client finance options and digital client banking and expertise options to company shoppers. .
WeLab operates in three markets beneath seven key manufacturers, together with WeLend and WeLab Financial institution in Hong Kong, WeLab Digital (我 来 数 科), Taoxinji (淘 新 机), Pockets Gugu (钱夹 谷 谷) and Tianmian Tech (天 冕 科技) in mainland China and Maucash in Indonesia.
WeLab is backed by essentially the most famend buyers together with Allianz, China Development Financial institution Worldwide, Worldwide Finance Company (a part of the World Financial institution Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, TOM group of CK Hutchison and Sequoia Capital.
To be taught extra about WeLab, please go to: www.welab.co, or comply with WeLab on LinkedIn and Fb.
About Allianz X
Allianz X invests in digital pioneers in ecosystems related to insurance coverage and wealth administration. As one of many pillars of Allianz Group’s digital transformation technique, Allianz X gives an interface between Allianz operational entities and the bigger digital ecosystem, enabling collaborative partnerships in insurtech, fintech and past.
For extra data, please go to: https://www.allianzx.com/.
About Allianz International Traders
Allianz International Traders is a number one energetic asset supervisor with over 700 funding professionals in 25 places of work all over the world and managing 582 billion euros in property for people, households and establishments *.
We see investing as a journey and we search to create worth for our prospects each step of the way in which. We make investments for the long run, utilizing our international funding and threat capabilities and our experience in sustainable investing to create revolutionary options that anticipate future wants. We consider within the resolve to not promote – our aim is to enhance the funding expertise for shoppers, wherever they’re and no matter their funding objectives.
Energetic is: Allianz International Traders
* Supply: Allianz International Traders. Information as of December 31, 2020
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