WeLab, backed by investors including Sequoia Capital and billionaire Li Ka-shing, is buying a controlling stake in a commercial bank in Indonesia, securing a foothold in one of Asia’s most under-served banking markets.
A group led by WeLab bought 24% of PT Bank Jasa Jakarta and will take a majority stake subject to approvals, the lender said. The company has raised $240 million from existing and new investors to fund the acquisition and other investments.
