Now WeLab is a company that has set its vision to be more transparent, convenient, affordable for the consumers which cause the financial incumbents to explore and reinvent themselves. Aaah! that is the reason, my friend, Allianz X, an extension of the 131-year-old European venture Allianz, ran the funding round of $75 million. This was a Series C1 round in which other investors also participated. Previously, a Series C round was also run in late 2019 for WeLab.
During an interview with a tech-based website, CEO and co-founder of Allianz, Simon Loong, asserted that “Obviously, Allianz is one of the largest asset managers and insurers in the world with a strong presence and solid footprint.”
Loong didn’t disclose the current valuation of WeLab. However, Loong affirmed that the valuation has surpassed the amount raised last time for the firm’s unicorn status.
Loong further added that “Allianz saw what we did over the last couple of years and identified this very interesting opportunity to co-develop a wealth technology for digital banks, so they came to us and said, why don’t they lead the round?” Collaborating with WeLab would allow both ventures to come up with a product that would prove to be a great example of a wealth advisory on digital banks.
Furthermore, this collaboration will allow both ventures to grow and distribute insurance and investment solutions throughout Asia. All of these products will enhance the services of WeLab which includes lending products, virtual banks, and many other lending services in Indonesia and mainland China. As far as the figures are concerned (and they are quite GOOD!), mainland China has a total of 47 million users, Indonesia boasts about 2.5 million and less than a million in Hong Kong.
Loong seems to enjoy this newly formed partnership as he goes on to highlight the roles of Allianz and WeLab. According to Loong, WeLab will be working as a bank and fintech solution provider.
Here’s wishing both of’em good luck from our side!