Singapore Life has raised US$50 million in arguably the largest ever Series A funding round by a country-based insurance technology startup. Investors are HKEx-listed integrated financial technology group Credit China FinTech (through its subsidiary Impact Capital Holdings) and UK-based investment firm IPGL.
The company will use the capital to support the future growth of the company, Singapore Life CEO Walter de Oude told e27.
With this, the startup’s total paid up capital has reached US$51.2 million.
“Credit China FinTech and IPGL bring the best of technology-led business success in support of Singapore Life’s long term strategy. They are experienced trailblazers in fintech and committed to Singapore Life’s long-term development and capital needs. Having the support of these strong international shareholders attests to the strong confidence in Singapore Life’s strategy, and in Singapore as a financial centre and a destination for global investment,” Oude added.
The insurtech startup was founded by Oude, along with a team of financial services veterans, on the belief that the financial services industry can be enhanced and made more efficient by tapping on the latest innovative technologies to create a better experience when it comes to delivering financial solutions. Singapore Life intends to provide state-of-the-art, long-term life and savings solutions for customers who value safety and security.
The company said it is unable to share the details of the product till “we have the approval from authorities”.
Ray Ferguson, Chairman of the Board of Singapore Life, said: “Singapore Life is born from Singapore’s “Smart Financial Centre” vision, demonstrating how innovation can be pervasive and technology used widely for the benefit of all.”
“Singapore Life brings 21st century technology together with a very strong customer proposition, innovative distribution, cost-effective product, and a fantastic brand. This, together with a very high-quality global shareholder group who is committed to the best practice governance, makes a compelling proposition,” said Mark Richards, CEO of IPGL.
Recently, Axiata Digital, the digital services unit of Malaysian telecom giant Axiata Group, invested US$16.8 million in BIMA, a Swedish mobile technology startup that brings micro insurance services to underserved families in emerging markets in Asia, Africa and Latin America.
Image Credit: pogonici / 123RF Stock Photo
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