Hong Kong-based FinTech company WeLab has closed a $220 million Series D funding round that drew the support of British banking giant HSBC.

The round marks the largest investment the pan-Asian FinTech platform has ever raised in one sitting, with the company claiming it is biggest experienced by an Asian digital bank in 2025.

In addition to backing from HSBC, other participants in WeLab’s latest funding round were
Prudential Hong Kong Ltd, Fubon Bank, Hong Kong Investment Corporation (HKIC), TOM Group and Allianz X. The finance provided included debt and equity.

With this investment, WeLab hopes to increase its presence in Southeast Asia, diversify its product range and acquire more customers. It already serves more than 70 million individuals and over 700 businesses across Hong Kong, the Chinese mainland and Indonesia.

Central to WeLab’s expansion plans will be the launch of new product categories enabled by the latest technologies, improvements to existing products and services, and mergers and acquisitions.

The funding will also support the company’s ambitious AI strategy and Google AI partnership, which was announced in September 2025 and is designed to embed AI in all areas of WeLab’s business.

WeLab hopes that in 2032, more than 500 million customers will be using AI-powered financial services enabled through its AI strategy and Google collaboration.

In support of this vision and partnership, WeLab will invest its recently raised funding into developing AI agents and new hyper-personalisation features and modernising its marketing efforts.

By leveraging AI, the bank hopes to “set new standards for digital banking” across Asia.

Simon Loong, founder and group chief executive of WeLab, said: “With operations across three markets and two digital banks in Hong Kong and Indonesia, WeLab has built both scale and depth of operational experience.

“This foundation, proven by our rapid customer growth and market leadership, gives us the strength to capture new opportunities, accelerate expansion, and innovate at pace. In today’s dynamic landscape, we stand at the best time, with the best scale, to lead the next chapter of digital banking in Asia.”

---