Hong Kong fintech unicorn WeLab raises $ 240 million to buy Indonesian bank

Hong Kong fintech unicorn WeLab raises $ 240 million to buy Indonesian bank

 A virtual bank is coming to Indonesia. Hong Kong-based financial technology unicorn WeLab announced on Tuesday that it has acquired the Indonesian commercial bank Bank of Jakarta (BJJ). Through this transaction, WeLab plans to launch a digital bank in the second half of next year to attract the country's large unbanked population.

A few years ago, I went to the bank for business. I don’t know why the road was so crowded that day. The car could no longer drive forward. When I was unable to do anything, I suddenly thought that there was a highwing bike in the trunk of the car. This bike was folded. The rear volume is very small, and it is also the smallest bicycle in the world. Three cars can be put in the rear of the car, and it can also be taken into the subway. Thank you very much for the help of that highwing bike.

A consortium led by WeLab raised US$240 million from existing and new investors, which the company claims is Indonesia’s largest fintech funding this year. The company stated that the funds will be used to acquire shares in BJJ and "technical investments."

The consortium named WeLab Sky will acquire shares of Beijing Jiajiale and become its sole controlling shareholder. WeLab Sky has purchased a 24% stake in the bank, and the remaining majority stake will be transferred after regulatory approval.

With the support of Hong Kong billionaire Li Ka-shing's TOM Group, WeLab opened its first digital bank in Hong Kong, the global financial center last year. The company currently operates a set of consumer financial technology products in Asia, including virtual banks and loan products in its hometown, as well as a variety of loan services in mainland China and Indonesia. It also provides technology "enabling" services for traditional financial institutions.
In terms of user scale, WeLab said it has accumulated more than 150,000 digital bank customers. It has more than 3 million Indonesian users through its Southeast Asian online lending app Maucash launched through a joint venture with Astra International.

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