This week’s News Roundup is all about new rounds of funding and how InsurTechs are looking at the opportunity to capture new markets.
We covered the announced merger of Singlife and Aviva Singapore. The combined entity will initially be known as Aviva Singlife. This merger creates one of the largest in the Southeast Asian insurance sector and the largest in Singapore. The deal will bring SingLife’s mobile savings and protection solutions to Aviva’s 1.5 million-strong customer base, and offer existing Singlife customers a deeper product range and advisory capabilities.
Bangalore-based Acko has raised $60 million in its Series D financing round. Munich Re Ventures joins an impressive list of investors into Acko. The new round, which brings Acko’s to-date raise to $200 million, valued the three-year-old startup at approximately $500 million. This as an interesting development given Acko’s full-service offering beyond insurance into a fully vertical service provider.
PasarPolis, an Indonesian-based startup, announced the close of a Series B round totaling $54 million. Investors include LeapFrog Investments and SBI Investment, both firms that focus on financial services. PasarPolis noted that they have written an impressive 650 million policies in 2019.
Thai InsurTech startup Sunday announced a $9 million fundraise as it prepares to expand into Indonesia. The Bangkok-based company is an end-to-end insurance products and services provider that uses AI to offer personalized packages. It uses machine learning to develop risk prediction engines that help the company recommend and price health and motor coverage.
Grab Holdings Inc., the $14 billion global ride-hailing company based in Singapore, is negotiating with potential investors as it seeks to raise as much as $500 million to boost its financial services division. Given their multiple business models from ride sharing to food delivery and now into financial services, Grab is still trying to be a one stop solution for its customers.
Other companies mentioned in this episode Go-Jek, Traveloka, Tokopedia, KSK, Allianz
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