WeLab, a pan-Asian fintech platform, said it has closed a $220 million Series D strategic financing round, in what it called Asia’s largest digital banking capital raise of 2025, as it steps up expansion in Southeast Asia and invests in artificial intelligence for its regional digital bank ambitions.
The round, which includes a mix of debt and equity, drew backing from new investors as well as existing shareholders and strategic partners, WeLab said.
Participants include Prudential Hong Kong, Fubon Bank (Hong Kong), HSBC, TOM Group and Allianz X, while Hong Kong’s investment arm HKIC had been announced earlier as a strategic partner, the company added.
WeLab said the fresh capital will be used to accelerate growth across Southeast Asia, deepen its product offering and customer acquisition in Hong Kong, and fund new business lines built on advanced technologies, alongside potential mergers and acquisitions.
The company also said the financing will support initiatives under its AI strategy and an AI-first partnership with Google, aimed at using AI to modernise digital banking experiences and operations across the region.
Founder and Group CEO Simon Loong said WeLab plans to deploy generative AI and AI agents to deliver more personalised customer experiences, including AI-enabled tools to improve foreign-exchange services and cost efficiency.
WeLab operates two digital banks and other online financial services across Hong Kong, mainland China and Indonesia, and said it has more than 70 million individual users and over 700 enterprise customers. In Indonesia, it operates Bank Saqu.
Business News Asia
