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.
With the deal, WeLab is planning to launch a digital bank to capture the country’s enormous unbanked population in the second half of next year.
A consortium led by WeLab has raised $240 million from existing and new investors, which the company claimed was the largest fintech funding in Indonesia this year. The capital will go towards acquiring BJJ’s stakes and “tech investments”, the company said.
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 cont …
