Prudential, HSBC Join $220M Series D for WeLab’s Pan-Asian Digital Banking Push
- ByStartupStory | January 15, 2026
Hong Kong-based fintech powerhouse WeLab has closed its largest-ever funding round – $220 million Series D – backed by heavyweights Prudential Hong Kong, HSBC, Fubon Bank, Hong Kong Investment Corporation (HKIC), TOM Group, and Allianz X, marking Asia’s biggest digital banking capital raise of 2026.
The debt-equity mix fuels WeLab’s ambition to dominate Southeast Asia while cementing Hong Kong leadership through AI-driven wealth management and diversified lending. With 70 million+ users across digital banks (WeLab Bank HK, Bank Saqu Indonesia) and 700+ enterprise clients, WeLab processes billions in loans annually.
AI-Powered Digital Banking at Continental Scale
Founded in 2013 by ex-Citigroup banker Simon Loong, WeLab evolved from P2P lending to full-stack financial services across Hong Kong, Mainland China, and Indonesia. Core offerings span:
Consumer Franchise:
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WeLend: Instant mobile loans (HK$10K-500K)
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WeLab Bank: Largest HK digital bank by revenue – deposits, wealth, payments
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Bank Saqu: Indonesia’s fastest-growing virtual bank
B2B Engine:
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Enterprise lending APIs for e-commerce platforms
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AI credit scoring white-labeled to 200+ partners
Recent AI strategy + Google Cloud partnership delivers personalized wealth agents, dynamic pricing, and fraud detection at 99.9% accuracy.
Capital Deployment: Regional + Category Expansion
$220M attacks three strategic vectors:
Southeast Asia Blitz: Indonesia acceleration + Thailand/Vietnam launches. Bank Saqu targets 10M users by 2028.
Hong Kong Dominance: Wealth management vertical (MPF, bonds, crypto ETFs) capturing 20% market share from traditional banks.
AI + M&A: New business lines (insurtech, SME banking). Strategic acquisitions in Indonesia fintech consolidation.
HKIC’s Pan Gang called WeLab “Hong Kong’s fintech ambassador,” while Prudential HK eyes bancassurance synergies.
Perfect Timing: Digital Banking Inflection
WeLab converges four regional forces:
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Open banking mandates: HK Phase 3, Indonesia BI-FAST unlock data flows
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Wealth transfer: $20 trillion Asia HNWIs need digital onboarding
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China normalization: HK becomes Southeast gateway post-regulatory tightening
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AI maturity: Inference costs enable real-time personalization
2025 awards: Euromoney “Best Digital Bank HK,” FinanceAsia “Top Innovator.”
Path to Regional Super-App
Series D positions for IPO readiness 2028 at $3-4B valuation. Indonesia expansion + HK wealth capture drives $1B revenue trajectory.
Competitive positioning:
Metric WeLab ZA Bank Mox Bank
HK Deposits #1 #3 #2
User Growth 45% YoY 28% 22%
AI Personalization Full-stack Partial Basic
WeLab proves digital banks win through integrated ecosystems, not feature parity. Prudential/HSBC bet confirms Hong Kong fintech’s continental breakout – from P2P curiosity to Asia’s next banking unicorn.
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