What is WeLab's latest funding status?

WeLab recently secured $220 million in its largest funding round, comprising both debt and equity.

Is WeLab planning an IPO?

WeLab founder Simon Loong has confirmed that an IPO is definitely being considered for the future, though it is not an immediate priority.

How will WeLab use the new $220 million funding?

The funds will be used to expand operations in Southeast Asia and support mergers and acquisitions.

Home / Business and Economy / WeLab Secures $220M Amid IPO Speculation

WeLab Secures $220M Amid IPO Speculation

15 Jan

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Summary

WeLab secured $220 million in its largest funding round.
The fintech firm plans to use funds for Southeast Asia expansion.
WeLab founder confirmed IPO is under consideration.

WeLab Secures $220M Amid IPO Speculation

WeLab, a prominent Hong Kong-based fintech firm, has recently secured $220 million in its most substantial funding round. Investors in this significant financing effort included major institutions such as HSBC Holdings Plc and Prudential Hong Kong Ltd.

This latest capital injection, comprising both debt and equity, will be strategically deployed to enhance WeLab's presence across Southeast Asia and to facilitate potential merger and acquisition activities. The company currently operates two digital banks, WeLab Bank in Hong Kong and Bank Saqu in Indonesia, serving over 70 million individual users and more than 700 enterprise clients.

Founder Simon Loong stated that while an Initial Public Offering (IPO) remains a strong possibility for the future, it is not an immediate necessity following this successful funding round. WeLab had previously explored an IPO in 2018, but postponed the plans due to market volatility, indicating a cautious approach to public market entry.

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