$1.28M in First Tranche of Private Placement and Term Sheet Updates

LUXXFOLIO Holdings Inc. (the “Company”) (CSE: LUXX) is pleased to announce that on March 5, 2021, the Company completed the first tranche of its non-brokered private placement that was previously announced on February 10, 2021 (the “Offering”).

The first tranche consisted of 3,667,147 common shares for gross proceeds of $1,283,501. The shares are subject to a four-month and one day hold period under securities laws.

An insider of the Company subscribed for 70,000 common shares in the Offering and such subscription is a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the insider, exceeds 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the transaction because the Company had not received and accepted a subscription from the insider at that time.

The Company intends to use the proceeds for working capital purposes.

The Company and WestBlock Capital Inc. (“WestBlock”) agreed to extend the Term Sheet Expiry Date of their binding term sheet to March 20, 2021, as the proposed acquisition of WestBlock continues to progress within the broader timelines that were set for completion. The WestBlock acquisition was previously announced on February 10, 2021.

On March 5, 2021, the Company terminated the previously announced non-binding term sheet it entered into with Ocean Falls Blockchain Corp.


Winbet launch new Spotlight Sports Group sport content

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Winbet has launched Spotlight Sports Group sports betting editorial across their site. The agreement comes off the back of Spotlight Sports Group’s deal with Sportal365.

Winbet recently launched Winbet.it in Italy and this venture into a new territory prompted Winbet to draft the expertise of Spotlight Sports Group to supply a localised expert solution at scale. Spotlight Sports Group will provide their editorial directly into Sportal365s CMS on behalf of Winbet.

Breaking into the new territory has been made easier with Winbet utilising the group’s network of over 250 localised journalists knowledgeable in all key sports. The group delivers 15 pieces a day covering content with native speakers with knowledge of the key sporting events. Basing the content around the pivotal events in the Italian sports calendar drives engagement and enriches Winbet’s customer experience.

The editorial ensures customers are informed with high-quality long-form pieces. The ability to deliver this at such a scale and at speed is a key strength of Spotlight Sports Group as they fully manage Winbets editorial and deliver on a daily basis.

Discussing the agreement, Spotlight Sports Group, Account Director Daniel Smith said:

‘We’re delighted to see the agreement with Sportal365 has led to Winbet being able to utilise our services. We have a huge network of localised journalists who produce brilliant content in over 70 languages and our betting editorial really does take customers above and beyond what a regular sportsbook offers. We’re excited to be working with Winbet and we believe our editorial content can create a distinctive sports betting experience for their customers.’

Echoing Smith’s words Cvetomir Krumov, Head of Operations at Winbet said:

‘’Spotlight Sports Group has shown their capability to drive engagement through their expert editorial. Their difference and the reason we decided to work with them was down to their unique betting angle in all of their editorial. On top of this the fact that the content can be localised to our audience is a huge advantage and we’re excited to off an enhanced experience to our customers.’’


Airport Duty-free liquor Market to Reach $10.4 Bn, Globally, by 2027 at 22.2% CAGR: Allied Market Research


Allied Market Research recently published a report, titled, Airport Duty-free Liquor Market by Type (Whiskey and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027″. As per the report, the global airport duty-free liquor industry was pegged at $8.9 billion in 2019, and is projected to garner $10.4 billion by 2027, growing at a CAGR of 22.2% from 2021 to 2027.

Drivers, restraints, and opportunities

Changes in lifestyle, increase in tourism promotion, and surge in frequent fliers have boosted the growth of the global airport duty-free liquor market. However, strict government rules regarding airport retailing hamper the market growth. On the contrary, surge in disposable income, especially in developing countries is expected to create lucrative opportunities for the market players in the future.

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Covid-19 scenario:

  • Due to the Covid-19 outbreak, several governments imposed complete lockdown and international travel was halted. This affected airport duty-free liquor sales significantly.
  • Moreover, the prolonged lockdown resulted in unsold stock of duty-free liquors and some retailers have found imaginative ways to keep trading.
  • However, as some countries have lifted lockdown regulations, the sales of airport duty-free liquor would rise.

The others segment held the lion’s share

By product, the others segment, which includes beer, wine, vodka, and cognac, held the largest share in 2019, accounting for around 90% of the global airport duty-free liquor market. Moreover, the segment is projected to manifest the highest CAGR of 22.8% during the forecast period, owing to increase in air passenger traffic and rise in female drinkers. The report includes an analysis of the whiskey segment.

Asia-Pacific, followed by Europe and North America, held the largest share

By region, the global airport duty-free liquor market across Asia-Pacific, followed by Europe and North America, dominated in 2019, contributing to more than two-fifths of the market. In addition, the region is expected to register the highest CAGR of 27.3% during the forecast period, due to rise in number of new air routes and advent of LCC carriers.

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Major market players

  • Brown-Forman
  • Diageo
  • Erdington
  • Bacardi
  • Heineken
  • Glen Moray
  • Accolade Wines
  • Constellation Brands, Inc
  • Pernod
  • Ricard

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Similar Reports:

Duty-Free Liquor Market: Global Opportunity Analysis and Industry Forecast 2021–2027

Craft Beer Market: Global Opportunity Analysis and Industry Forecast 2018–2025

Luxury Wines and Spirits Market: Global Opportunity Analysis and Industry Forecast 2020–2027

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Priority Technology Holdings, Inc. to Acquire Finxera to Create the Premier Payments and Banking as a Service Platform


Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading payments technology company, and Finxera Holdings, Inc. (“Finxera”), a pioneer in the fintech industry that launched and operated one of the first Banking as a Service (“BaaS”) platforms, today announced they have entered into a definitive agreement to merge. Finxera will operate as a wholly owned subsidiary of Priority. The transaction is expected to close in the third quarter of 2021.

Priority’s omni-channel payments platform supports proprietary and third-party software applications built for businesses of any size. Priority’s offering combines modern cloud infrastructure and operational expertise to deliver unparalleled Payment Infrastructure as a Service (“PIaaS”) to organizations with complex payment operation needs, including low friction merchant boarding, underwriting, risk management, and compliance monitoring. Finxera’s BaaS technology allows for the rapid integration of banking services into business applications to establish and manage bank accounts for the collection, storage, and sending of money.  When combined, Priority will offer clients turn-key merchant services, payment facilitation, card issuing, automated payables, virtual banking, and e-wallet tools supported by its best-in-class client service, risk management, underwriting and compliance on a single platform.

“The Finxera acquisition accelerates Priority’s position as a market leader in the convergence of payments and banking as a service” said Tom Priore, Chairman and Chief Executive Officer of Priority. “Our combined platform will be equipped to take and make payments whether on card, ACH, or even blockchain and manage all aspects of payment operations like onboarding, risk, compliance, and client service for our clients.  Together we will be a one stop-shop for payments and virtual bank account management that today’s merchants and modern software companies are seeking in order to manage and monetize their payment networks.”

To learn more about the combined technology platform and financial profile please click on the following link.

The Company will host a conference call and webcast to discuss the Finxera acquisition. A
question-and-answer session will follow.

Monday, March 8, 2021
4:00 pm Eastern Time
Phone: US/Canada: (877) 501-3161 or International: (786) 815-8443

Internet webcast link can be accessed at https://edge.media-server.com/mmc/p/x36gfbdx
and will also be posted, along with an accompanying slide presentation, in the “Investor
Relations” section of the Company’s website at www.PRTH.com. An audio replay of the call will be available shortly after the conference call until March 11, 2021 at 7:00 pm Eastern Time. To listen to the audio replay, dial (855) 859-2056 or (404) 537-3406 and enter conference ID number 6988859. Alternatively, you may access the webcast replay in the “Investor Relations” section of the Company’s website at www.PRTH.com.

“Combining with Priority accelerates our original vision to be a disruptive technology in the convergence of payments and banking as a service,” said Sanjoy Goyle, Founder and Chief Executive Officer of Finxera. “We have been hugely impressed with the breadth of Priority’s payments platform, operations, and strategic vision since integrating with the Priority MX platform last year. We look forward to the further combination of the BaaS technology and operations.”

Finxera shareholders, including funds managed by Stone Point Capital LLC (“Stone Point“) and Finxera management team, will retain meaningful equity positions in the combined enterprise, with Goyle and Finxera’s Co-Founder and Chief Technology Officer Praveer Kumar, taking on prominent roles going forward.   “We are excited to add Stone Point as a new long-term shareholder of Priority,” said Priore.  “Stone Point has an exceptional track record of success as a financial services investor; their ongoing participation will be tremendously valuable to our growing enterprise.”

The merger financing with Finxera includes up to $50 million of Priority common stock to be issued to certain existing shareholders. Additionally, Priority has executed a commitment from Truist for a total debt facility of $630 million to refinance a portion of Priority’s existing debt, to add a new revolving credit facility and to finance a portion of the Finxera closing.

Simultaneous with entry into the merger agreement, Priority obtained an up to $250 million preferred equity commitment from funds managed by certain affiliates of Ares Management to fund a portion of the refinancing of Priority’s existing credit facilities and the acquisition of Finxera, with the remainder to be used to fund future acquisitions.  “We are pleased to continue our relationship with Truist and to expand our relationship with Ares Management and Stone Point Capital,” said Priore.

Pro-Forma Highlights
Based upon forecasted 2021 financial results of Priority and Finxera, the pro forma full year 2021 results of the combined company are expected to be:

  • Revenue of approximately $540 million
  • Adjusted EBITDA of approximately $130 million
  • Free cash flow of approximately $60 million
  • Net leverage ratio below 4.25x

Schulte Roth & Zabel served as legal counsel to Priority.  Truist Securities served as financial advisor to Finxera and Kramer Levin Naftalis & Frankel LLP served as its legal counsel.  Cowen served as sole placement agent in connection with the preferred equity investment by Ares Management.

Use of Non-GAAP Financial Information
Priority supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information, including adjusted EBITDA, free cash flow and net leverage ratio, to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Priority has not provided a reconciliation of the expected adjusted EBITDA, free cash flow or net leverage ratio contribution by Finxera to the comparable GAAP measures because it is unable to quantify certain amounts that would be required to be included in Finxera’s contribution to such comparable measures without unreasonable efforts due to the unavailability of the information needed to calculate reconciling items. In addition, Priority believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. The non-GAAP financial measures disclosed by Priority in this press release should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.


CT Gaming Interactive Expands its Presence in Belgium

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CT Gaming Interactive has expanded its presence in the Belgium market through its new partnership with Supergame.be.

Supergame.be has gained access to a portfolio of dice slots supplied by the global content provider. As a result of the agreement, a diverse palette of the company’s dice slots titles are currently available to the online casino players, including 50 Dice Treasures, Dice Woods, 40 Mega Dice, which have enhanced graphics for better interaction with players.

“We are delighted to have our content live with Supergame.be. We would like to welcome them to our growing customer base in Belgium and look forward to our excellent partnership by contributing to their amazing performance with our content offering,” Martin Ivanov, Businеss Development Manager at CT Gaming Interactive, said.

“CT Gaming Interactive is a well-respected supplier and we are happy to add their games portfolio, which we know will provide our players with entertaining gameplay. The great experience is what brings players to us, and it is our top priority to only provide games that meet their needs and expectations. We look forward to a valuable working relationship,” Henk Wolff, Marketing & communication manager at Supergame.be, said.


China Bank goes live with Intellect Wealth’s Digital Trust Solution


Intellect Design Arena Ltd, a cloud-native, future-ready multi-product FinTech company for the world’s leading financial and insurance clients, today announced that China Banking Corporation (China Bank), one of the largest universal banks in the Philippines, has gone live with its Digital Trust and Wealth Management solution using Intellect’s WealthQube suite.

China Bank now joins the ranks of the very few financial institutions in Asia Pacific with 100% digitized Trust and Wealth Management operations. With Intellect’s WealthQube suite, China Bank has acquired the unparalleled ability to service customers in real time, including providing them with their financial statements in real time.

China Bank has one of the largest trust banking operations in the Philippines, with over P200 billion in assets under management. The Bank offers a wide range of investment products and services across asset classes-from unit investment trust funds, to fixed income securities, to equities. With Intellect’s solution, the Bank also has the competitive ability to service the employee Provident Fund management needs of its customers.

The end-to-end, straight-through-processing solution is built on Intellect’s WealthQube Hyperscale-C architecture. Hyperscale-C architecture allows banks to build composable solutions and rapidly deliver new products in a hyper competitive market place. WealthQube is able to deliver composable solutions because of its API-first cloud native architecture. Proprietary frameworks such as Pegasus and Orion make it easy to configure new fees and charges and rapidly respond to the compliance directives of regulators. The composable architecture is designed to prevent obsolescence by allowing selective substitution of obsolescent functionality.

Jaideep Billa, President, Wealth Management, Intellect Design Arena, said, “China Bank’s vision of 100% straight-through processing or STP was bold and ahead of its time. That vision has now provided unparalleled competitive ability to the Bank. We are delighted that we were able to deliver this competitive advantage to China Bank at half the cost of our Swiss competitors. Intellect’s Hyperscale-C Composable architecture has been the success behind this implementation.”

Patrick Cheng, Chief Finance Officer, China Bankadded, “We had no doubt in our mind that the future is digital, and that Wealth Management and Trust Banking will play an increasingly important role in China Bank’s sustained profitability. A complete STP digital backbone gives us greater operating efficiency and more importantly, enables us to deliver exceptional service to our customers.  We are pleased to have found the right partner for this endeavor in Intellect.”


Canadian Women in Tech Feel Employers Have ‘Patched the Pandemic’ but Worry about Career Prospects


During the ongoing COVID-19 pandemic, more Canadian women working in technology agree that they have a good work-life balance and feel supported by their company, compared to Canadian women working outside of technology. However, they are more likely to report feeling like their career growth and goals have been stunted, and an astonishing 44 per cent of respondents agree that the pandemic notwithstanding, technology companies do not really want to hire women.

The survey shows that technology companies have done a good job helping women manage the new way of work: Women in technology are more likely to agree they feel supported by their company (63 per cent vs. 51 per cent in non-technology roles), have a good work-life balance (57 per cent vs. 50 per cent in non-technology roles) and feel more productive (54 per cent vs. 33 per cent in non-technology roles).

However, due to the pandemic, nearly half (48 per cent) of women in technology agree that their career growth or goals have been stunted, higher than those not in the technology sector (31 per cent). This is particularly true with younger women in the industry and those who are also caregivers. Over half (53 per cent) of younger generations are more likely to agree that their career growth or goals have been stunted than older generations (37 per cent). Nearly two-thirds (59 per cent) of women in technology who care for an adult and over half (52 per cent) of women with childcare responsibilities agree with the sentiment.

“Up to this point, Canadian technology companies have done a respectable job supporting women during the pandemic, but we need to do more,” says Gina Izumi, Senior Vice President of Sales, SAP Canada. “While the Canadian technology industry has ‘patched the problem’ of the pandemic in the short term, the underlying issue remains that nearly half the women working in tech feel like their employers don’t want to hire women, which surprised me. Tackling these challenges requires both accountability and transparency, and it’s incumbent upon us as an industry to ensure opportunities are accessible to everyone. We need to figure out how to truly become a more welcoming and inclusive space.”

The survey identifies other factors that technology companies need to address during and post-pandemic:

  • As a result of the pandemic, women in technology are more likely to feel unmotivated in their careers (45 per cent vs. 39 per cent in non-technology roles), feel stifled in their career growth or goals (43 per cent vs. 33 per cent in non-technology roles), and overall have felt their careers have been impacted negatively (41 per cent vs. 29 per cent in non-technology roles).
  • The majority of women in technology indicate it is important that their employer offers career growth workshops or programs (78 per cent vs. 68 per cent in non-technology roles) and increase informal meetings to foster employee engagement (74 per cent vs. 65 per cent in non-technology roles).While companies are still facing the challenges of the pandemic, the technology industry needs to focus on both recovery efforts and continuing to support women as future leaders.

“For all companies working in the Canadian tech sector, an inclusive culture needs to become a core company value and a strategic priority,” continues Izumi. “Like many Canadian tech companies, we at SAP Canada are still on this journey. We’re committed to creating a diverse team that makes us more effective in addressing the needs of our customers and partners, ultimately fostering innovation and growth.”

True Global Intelligence fielded an online survey on behalf of SAP Canada of 592 Canadian women who are professionals in technology and non-technology fields. The survey was fielded online from February 18 to March 2, 2021. Women in technology were identified as employed in a technology role or technology company.


Aker ASA launches Seetee to invest in Bitcoin and blockchain technology


Aker ASA (“Aker”) today announced that it has established Seetee AS (“Seetee”), a new company dedicated to investing in projects and companies throughout the Bitcoin ecosystem and which will keep all its liquid investable assets in bitcoin. Seetee is initially capitalized with NOK 500 million.

Seetee will initially focus on 1) investing in and owning bitcoin, 2) joining the Bitcoin and broader blockchain community and establishing partnerships with leading players, 3) launching Bitcoin verification operations, and 4) building and investing in innovation projects and companies in the Bitcoin and blockchain ecosystem.

Seetee will pursue these opportunities by building on the capabilities that have been developed in the Aker Group through the efforts in industrial software, fintech and green energy value chains. This gives Seetee an opportunity to pursue innovations in the Bitcoin and broader ecosystem, e.g. in the areas of cyber security, financial transactions and emissions-free verification operations.

To accelerate its initiatives, Seetee will actively partner with other companies. For this purpose, Seetee has entered into a collaboration agreement with Blockstream, a global leader in Bitcoin and blockchain technology. Blockstream provides companies access to the most mature, well tested, and secure blockchain technology in production – the Bitcoin protocol extended via interoperable sidechains to support new applications – along with the most experienced teams in the industry. The collaboration will initially focus on mining operations and be further developed by building on Blockstream’s unique strengths in blockchain technology and Aker’s industrial legacy and capability set.

“With the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation. We look forward to addressing these and other applications together with Blockstream and other partners,” said Øyvind Eriksen, President and CEO of Aker ASA.

“It’s exciting to see Aker dive into the Bitcoin ecosystem with enthusiasm. We will be working closely with Seetee on Bitcoin mining and sidechain projects that benefit Aker’s group of companies and we expect that their rich experience in leveraging global power infrastructure will prove to be a valuable asset to the Bitcoin industry,” said Adam Back, Co-founder and CEO of Blockstream.

Magnus GranathSnorre Lorgen and Sverke Lorgen make up the management team that will initiate Seetee’s Bitcoin investments, Bitcoin verification operations and innovation projects. Ola Snøve is the company’s Executive Chairman.

“I’m excited to invest in Seetee and I am looking forward to being the Executive Chairman, continuing to work closely with Snorre Lorgen, Sverke Lorgen, and Magnus Granath. Our conversations with Blockstream have been truly inspiring and I can’t wait to be part of the team, turning opportunity into reality,” said Ola Snøve, Executive Chairman of Seetee.

Kjell Inge Røkke, Chairman of Aker ASA, has offered his reflections about the investment in Bitcoin and establishment of Seetee in a Letter to Shareholders available at www.seetee.io

Seetee is owned by Seetee TopCo AS, which again is owned 90.01% by Aker Capital AS (Aker ASA) and 9.99% by Storbrea AS.

For further information, please contact:
Snorre Lorgen, CEO, Seetee
[email protected]

Christina Chappell Glenn, Head of Communications and Investor Relations, Aker ASA
[email protected]
+47 905 32 774

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Christina Chappell Glenn, Head of Communications at Aker ASA, on March 8, 2021 at 07:25 CET.

This information was brought to you by Cision http://news.cision.com




Entain Launches Global Initiatives to Support Women Interested in Building Careers in Technology

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Entain Plc has launched a series of international initiatives to support girls and young women interested in building careers in technology.

Girls Who Code, an international non-profit organisation working to close the gender gap in technology, is to receive US$250K from the Entain Foundation, its not-for-profit affiliate, to support its global programmes to bring young women into the technology industry, most notably in the UK, US, Canada and India. The scale of Entain’s support makes it one of Girls Who Codes most significant global partners.

The Entain Foundation is also providing Aus. $50K funding to the Tech Girls Movement in Australia, which aims to challenge gender perceptions which limit girls’ participation in STEM through school-based early intervention programmes.

The new initiatives follow recent senior female appointments to the leadership team at Entain, including that of new chief executive Jette Nygaard-Andersen and two new non-executive board directors, Stella David and Vicky Jarman. Over 50% of Entain’s workforce is female, including over 30% in technology roles.

Jette Nygaard-Andersen, CEO of Entain, said: “I’m proud to be leading a global technology company which is making real strides in promoting women’s careers, not just in the West, but also developing markets like India where creating opportunities for young women is especially important.

“Everywhere however, the biggest challenges continue to be cultural, around what society and young women themselves believe they can do, which is why we are focusing on initiatives to support their education and build stronger pathways into technology-related careers.”

Dr. Tarika Barrett, incoming CEO of Girls Who Code, said: “Passionate, ambitious and diverse young women are the key to transforming the world and the technical workforce. This International Women’s Day, we’re excited to partner with the Entain to support young women around the world on their journey into the technical workforce. Our work together will help spur the creation of a more fair and equitable workforce, helping more women of all backgrounds rise to the top and achieve their goals of working in tech.”


WeLab completes initial close of Series C-1 funding, led by Allianz X for US$75 million and announces strategic partnership


WeLab, a leading fintech company in Asia, today announced it has completed the initial close of Series C-1 funding, led by Allianz X for US$75 million. Allianz X is the digital investment unit of the Germany-based Allianz Group, one of the world’s largest insurers and asset managers. Since inception in 2013, WeLab has raised more than US$600 million of strategic financing from the world’s most renowned investors. WeLab and Allianz have also established a strategic partnership to drive fintech collaboration across Asia’s financial services landscape. The new funding, together with Allianz partnership, will bolster the acceleration of WeLab’s pan-Asian growth strategy and expansion of digital financial services.

WeLab operates multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia including digital banking and consumer finance businesses, with close to 50 million individual users and over 600 enterprise customers. As Asia sails into the digital banking revolution and many countries in the region are in the process of studying or implementing digital banking frameworks. WeLab is ahead of the curve, spearheading the new age of banking operating WeLab Bank in Hong Kong — one of the first fully-licensed digital banks in Asia since obtaining its license in early 2019. With its unique market knowledge and extensive network, WeLab is perfectly positioned in this strategic partnership with Allianz to take advantage of the vast opportunities in Asia where its total addressable market size for financial services is close to US$3 trillion in annual revenue.

WeLab has achieved significant milestones in the increasingly digital COVID era

In the COVID era, the market is rapidly evolving, with accelerated digital adoption as one of the outcomes. The pandemic has transformed people’s money habits across their financial journey. The boom in digital services adoption plays into WeLab’s strength in fintech services. WeLab has emerged stronger from the pandemic with multiple businesses achieving significant milestones in the past year. For example:

  • Fueled by increased digital adoption in online financial services, WeLab’s user base grew by 20% YoY, adding around 10 million users to the current 50 million user base, the largest user growth in recent years;
  • Launching a digital-only bank during the third wave of pandemic in Hong Kong proved to be extremely timely, with WeLab Bank garnering strong traction during its first 6 months of operations;
  • WeLend, Hong Kong’s largest pure online lending platform, outperformed the market by 70% during the year to achieve its all-time record high sales volume, at a time where traditional branch operating hours and business model were severely hampered;
  • WeLab’s B2B enterprise solution platform in Mainland China doubled the number of business partners from 300 to over 600 as financial institutions move towards online financial services;
  • In Indonesia, the mobile lending platform Maucash continues to scale with increased brand recognition and popularity of online financial services in Indonesia, achieving over 6x YoY volume growth.

Partnership will accelerate growth of WeLab’s pan-Asian financial services footprint

With this round of investment and new cooperation, WeLab aims to combine its advanced digital banking technology capabilities and market know-how with Allianz’s expertise in insurance and asset management, the two partners aim to holistically improve people’s financial wellbeing. The broader strategic cooperation between WeLab and Allianz will continue to develop over time and encompasses two key areas:

  1. The rollout of pioneering digital wealth management in Asia: WeLab Bank and Allianz Global Investors (AllianzGI) intend to enter into a strategic cooperation in digital wealth management and financial services. WeLab Bank is looking into developing and distributing digital wealth management solutions with AllianzGI, a global asset manager under Allianz, with assets under management of over EUR 582 billion*. These would aim to bridge the significant unmet investment needs in Asia, a region where only 27% of the population use financial advisors, resulting in a sizable under-advised population of over 3.4 billion. Once implemented, WeLab Bank will be the first digital bank to deploy this wealthtech advisory technology in Asia. The plan is to roll out these wealth management services to new digital customers in Hong Kong and later to the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), through Wealth Management Connect, reaching the 72 million population in one of the world’s wealthiest megalopolis.

  2. New markets and new products: development and distribution of investment and insurance solutions: WeLab recognizes opportunities to widen the regional scope of its financial service offerings to other markets in which Allianz operates. For example, in the booming digital Southeast Asian economies, there are around 400 million active internet users, but over 70% of the total population is either unbanked or underbanked. There is, therefore, a lot of potential to expand the cooperation. The two companies are exploring opportunities to offer new digital investment and insurance products in the region, combining Allianz’s expertise in investment and insurance and WeLab’s network of customers and technology.

Simon Loong, Founder & Group CEO of WeLab, said, “We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. We see this as a first-in-market 4-way partnership where there are abundant synergies between WeLab, as a fintech leader and a pioneer in digital banking, and Allianz, as a global insurer and asset manager. More importantly, both companies share a vision on delivering advanced technology solutions to customers in Asia. 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.”

Nazim Cetin, CEO of Allianz X, 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.”

Desmond Ng, Head of Asia Pacific at Allianz Global Investors, said, “Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us. With the second-highest bank deposits per capita in the world, it is a very attractive wealth management market. The potential strategic cooperation with WeLab presents an exciting opportunity for Allianz Global Investors as an integral part of our growth strategy in Asia.”

Existing investors also participated in this round, reflecting their continued conviction and confidence in WeLab. The Series C-1 round remains ongoing, with the final close expected in the coming months.