Hong Kong-based fintech firm WeLab has raised $75m through the ongoing Series C-1 funding round.

The initial closing of the round was led by global insurer Allianz Group’s digital investment unit Allianz X.

WeLab has raised a total of $600m since its inception in 2013.

The company plans to use the new proceeds to support its pan- Asian growth strategy and expand digital financial services.

Additionally, WeLab and Allianz established a strategic partnership to explore joint development and distribution of investment and insurance solutions.

Allianz X CEO Nazim Cetin said: “In a relatively short amount of time, WeLab has built up a powerful platform for digital financial services and achieved excellent access to retail and business customers in Asia, a region of strategic importance for Allianz.

“WeLab’s high-performance technology platform, in particular, makes it a unique fintech in the Asian markets.

“The investment in WeLab is a promising one for Allianz both economically and strategically. We look forward to leveraging our strategic partnership with WeLab and the business potential in the region.”

WeLab operates WeLab Bank, one of the first fully licenced digital banks in Asia. The company also operates multiple other online financial services.

The company claimed that its user base jumped 20% year-on-year in 2020 to nearly 50 million individual users as the pandemic accelerated the adoption of digital financial services.

WeLab also plans another collaboration to deliver digital wealth management solutions with Allianz Global Investors, a global asset manager under Allianz.

WeLab founder and Group CEO Simon Loong said: “Today, we announce both the new round of funding and a strategic partnership in wealthtech and banking at WeLab Bank.

“We look forward to expanding WeLab’s geographical presence and bringing our technology into these new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 hires, as investing in people and culture will be key to support future growth.”

The final close of Series C-1 round is expected in the coming months.