Funding round
WeLab Series C
WeLab, which works in digital banking services in Hong Kong Island, raised $156M in a Series C round announced on 12 Dec 2019, led by Alibaba Entrepreneurs Fund and China Construction Bank International. 7 firms took part. It is WeLab's third venture round on record; the one before was a Series B in Nov 2017.
$156M
Amount raised
Not disclosed
Post-money valuation
7
Investors
2 leads
Valuation
What this round says about the price
WeLab did not disclose a valuation in this round. It came 25 months after WeLab's Series B. It is 25% of the $616M WeLab has raised in the venture rounds on record. WeLab raised again 73 months later: a Series D round of $220M in Jan 2026.
WeLab's funding rounds
WeLab has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Alibaba Entrepreneurs Fund and China Construction Bank International led the round with 5 other firms.
Lead investors
- backs 18 venture-backed companies new investor
- backs 5 venture-backed companies new investor
Also in the round
- backs 12 venture-backed companies new investor
- CK Hutchison's TOM Group new investor
- International Finance Corporation backs 92 venture-backed companies new investor
- Sequoia Capital backs 589 venture-backed companies new investor
- ING Bank new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Series C rounds in Banks & ATMs within a year either side disclosed an amount; the median was $98M, and this round was 1.6 times the median. The closest in time, other companies' Series C rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cross River Banks & ATMs | 27 Apr 2020 | $100M | not disclosed | not named |
| Varo Banks & ATMs | 16 Jul 2019 | $100M | not disclosed | Warburg Pincus and TPG |
| Solaris Banks & ATMs | 30 Jun 2020 | $67M | $360M | HV Capital |
| Starling Banks & ATMs | 13 Feb 2019 | $97M | not disclosed | Merian Global Investors and Merian Chrysalis Investment Company Limited |
| Banks & ATMs | 23 Oct 2020 | $47M | not disclosed | not named |
| Current Banks & ATMs | 24 Nov 2020 | $131M | $750M | Tiger Global |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did WeLab raise in its Series C round?
WeLab raised $156M in its Series C round, announced in Dec 2019.
Who led WeLab's Series C round?
Alibaba Entrepreneurs Fund and China Construction Bank International led it, with Khazanah Nasional, CK Hutchison's TOM Group, International Finance Corporation, Sequoia Capital and ING Bank.
What was WeLab's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Banks & ATMs?
6 Series C rounds in Banks & ATMs within a year either side disclosed an amount; the median was $98M, and this round was 1.6 times the median.
Did WeLab raise again after this round?
Yes: a Series D round in Jan 2026 of $220M.