WeLab, a Hong Kong-headquartered pan-Asian fintech platform, has closed its Series D strategic financing round with US$220 million, cementing its position with the largest digital banking capital raise in Asia for 2025.
The round, comprising both debt and equity, came from investors, including Prudential Hong Kong, Fubon Bank (Hong Kong), Hong Kong Investment Corporation (HKIC), TOM Group, Allianz X, and HSBC.
The funding underscores intensifying investor focus on Hong Kong’s fintech sector amid broader regional digital finance expansion.
Also Read: HK government arm invests in WeLab to power fintech innovation across Asia
WeLab intends to deploy the money primarily towards expanding its virtual banking operations in Hong Kong and Indonesia, enhancing AI-driven credit scoring, and scaling cross-border lending products.
CEO Simon Lo has stated the funds will support product innovation and market penetration in Southeast Asia.
WeLab and its track record
WeLab operates two digital banks as well as multiple online financial services in Hong Kong, Mainland China, and Indonesia, with over 70 million individual users and over 700 enterprise customers. Over the past three years years, the firm’s revenue grew from US$450 million in 2023 to US$780 million in 2025 (73 per cent cumulative growth), per audited financials.
The user base also expanded to 60 million across Asia, with Hong Kong loans originations up 120 per cent to US$3.2 billion.
WeLab achieved breakeven in Q4 2024; net profit US$85 million in 2025.
In 2024, regulatory scrutiny in Indonesia led WeLab to a 15 per cent loan write-down, offset by 40 per cent deposit growth.
Since inception in 2013, WeLab has raised US$900 million across 10 rounds, including a US$240 million Series C in 2021 led by General Atlantic.
Surging investor interest in Hong Kong fintech
Fintech has captured outsized investor attention in Hong Kong, accounting for 28 per cent of all tech funding in 2025 per PitchBook data — up from 15 per cent in 2022. This surge aligns with US$3.4 billion in total tech investments across the city in 2025, driven by regulatory tailwinds and proximity to mainland China’s vast market.
Key metrics include:
- Average deal size in fintech: US$45 million in 2025 (vs. US$28 million in 2023).
- Number of fintech unicorns: Three (Airwallex at US$5.5 billion valuation, WeLab at US$4.3 billion post-Series D, and ZA Tech at US$7 billion).
Accelerants for digital banking growth and key players
Digital banks in Hong Kong are proliferating, with customer deposits hitting HK$110 billion (US$14.1 billion) by end-2025 — a 350 per cent rise since 2022 — per Hong Kong Monetary Authority (HKMA) reports.
Also Read: How digital banking is driving financial inclusion in SEA
Growth drivers include:
- Regulatory sandbox: HKMA’s 2018 virtual bank licences enabled eight operators, with low barriers to entry (minimum capital US$383 million reduced for innovators).
- Open banking APIs: Mandated rollout in 2024 boosted interoperability, driving 45 per cent year-on-year transaction growth.
- Consumer shift: 62 per cent of adults now use digital-only banking (Statista 2025), spurred by 0.1 per cent interest rates on deposits vs. traditional banks’ legacy systems.
- China integration: Cross-border QR payments with mainland fintechs processed US$25 billion in 2025.
The five major players in digital banking are:
- ZA Bank: 2.5 million users, US$2.5 billion in loans.
- Mox Bank: Standard Chartered-backed, 1.8 million accounts.
- Livi Bank: HSBC-led, focusing on mid-market lending.
- Airstar Bank: Xiaomi-backed, SME-centric.
- WeLab Bank: WeLab’s virtual arm, now with 1.2 million users post-2023 launch.
Top 5 largest fintech deals in Hong Kong
Hong Kong’s fintech funding landscape has seen substantial activity, with WeLab’s raise topping the charts for 2025. Data from Tracxn and CB Insights as of Q4 2025 reveals the following top five largest deals:
| Rank | Company | Round | Amount (US$) | Date | Focus |
| 1 | WeLab | Series D | 220 million | Jan 2026 | | Digital banking, lending |
| 2 | Airwallex | Series E | 100 million | Mar 2023 | Cross-border payments |
| 3 | ZA Bank (ZhongAn) | Strategic | 150 million | Oct 2022 | Virtual banking |
| 4 | Lendela | Series A | 75 million | Jun 2024 | Consumer lending |
| 5 | Statrys | Series A | 50 million | Sep 2024 | SME financing |
These deals highlight a concentration in lending and payments, with total fintech funding in Hong Kong exceeding US$1.2 billion since 2020.
Also Read: Late-stage capital tightens grip on Southeast Asia’s fintech market
The latest fund-raise positions WeLab amid Hong Kong’s maturing fintech ecosystem, where digital banks now hold 8 per cent market share in retail lending. Investors eye spillover effects into Southeast Asia, e27.co’s core focus region.
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