Financial technology company WeLab Holdings Ltd. raised US$156 million in a series C strategic financing round.

New investors, as well as five existing backers participated in the fundraising. Among them were Alibaba Hong Kong Entrepreneurs Fund and CCB International Asset Management Ltd.

The company aims to launch WeLab Bank business, as well as further expand its business-to-business operations in China in 2020. WeLab plans to enter another Southeast Asian market in the next two years. It launched in Indonesia in 2018.