Hong Kong fintech WeLab closed a $220 million Series D on January 15, 2026, the largest digital banking capital raise in Asia for 2025 and the biggest round in the company’s history.
The round blended debt and equity, with backing from HSBC, Prudential Hong Kong, Fubon Bank, Hong Kong Investment Corporation, TOM Group, and Allianz X
WeLab operates two digital banks plus multiple online financial services across Hong Kong, mainland China, and Indonesia, serving more than 70 million individual users and 700-plus enterprise customers
A chunk of the funding backs WeLab’s AI-first partnership with Google, aimed at building AI agents and hyper-personalized banking experiences across Asia
What the money is for
WeLab plans to use the raise to expand into Southeast Asia while deepening its lead in Hong Kong, where WeLab Bank is already the largest digital bank by revenue.
The company also wants to diversify its product lineup, speed up customer acquisition, and fund new business lines built on newer technology, alongside room for strategic M&A.
The AI angle
Founder and CEO Simon Loong tied the raise directly to WeLab’s AI roadmap. The company’s partnership with Google, announced in 2025, is meant to accelerate development of AI agents and modernized marketing across the business.
This funding extends that bet, with hyper-personalization named as a specific priority for how WeLab wants to compete against traditional banks in the region.
Why it matters
WeLab has picked up multiple industry awards in 2025, including recognition from Euromoney and FinanceAsia as a top digital bank in Hong Kong. A $220 million raise, its largest ever, signals continued investor confidence in regional digital banking even as WeLab competes with both traditional banks and other fintech challengers across a fast-growing Southeast Asian market.
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