Insurtech start-up nets over US$50 million in Series A funding

Firms from China and the UK provide funds for the venture, which in return gives an opportunity to expand in Asia

Insurtech start-up nets over US$50 million in Series A funding

Insurance News

By Gabriel Olano

Insurance startup Singapore Life Pte Ltd raised more than US$50 million in its Series A funding round, with investors from China and the UK participating. According to some reports, this could be the largest-ever Series A by a Singaporean insurtech company.

China Credit FinTech Holdings Ltd, a firm headquartered in Shanghai and registered on the Hong Kong Stock Exchange, was identified as the largest investor. UK-based investment firm IPGL also participated in the funding round.

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Stock exchange filings show that China Credit FinTech invested US$21.3 million in Singapore Life, in exchange for around 33.8% of the company’s issued shares. By investing, China Credit FinTech gains an opportunity to expand its reach in the insurance industry and boost its designs for international growth.

Walter de Oude, CEO of Singapore Life, spoke of the investors: “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.”

Singapore Life has already applied with the Monetary Authority of Singapore (MAS) for a direct life insurance license. It looks to offer various universal life products, standalone term insurance with associated riders, investment-linked plans, and endowment assurance.

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