Hong Kong Fintech unicorn WeLab rises $240M to buy Indonesian bank
A virtual bank is soon coming to Indonesia. WeLab, a Hong Kong-based fintech unicorn, announced Tuesday its acquisition of Bank Jasa Jakarta (BJJ), an Indonesian commercial bank.
A consortium led by WeLab has raised $240 million from existing and new investors. The capital will go toward acquiring BJJ’s stakes and “tech investments.
The consortium, called WeLab Sky, will acquire the stakes of BJJ to become its sole controlling shareholder. WeLab Sky has already bought a 24% stake in the bank, while the remaining shares for majority control will be transferred upon securing regulatory approvals. In terms of user size, WeLab said it has amassed over 150,000 digital banking customers.
