Local insurtech firm, Singapore Life, has secured a US$90 million funding from Japanese insurance company, Sumitomo Life Insurance, who also acquired a 25% stake in Singapore Life.
This brings Singapore Life’s valuation up to US$358 million according to CEO Walter de Oude, in this report.
Singapore Life’s total funding to date is now US$153 million with this injection.
The fresh funds will enable the startup to accelerate its “mobile-first ambitions”.
“Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles,” Mr de Oude said in a press statement.
“Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs.”
The investment is timely as the group expects rapid growth in the life insurance markets in Southeast Asia and Singapore, especially, said Masahiro Hashimoto, President and CEO of Sumitomo Life.
Aberdeen Standard Investments and US insurer Aflac have also invested in Singapore Life – who also offers wealth portfolio management service – for US$13 million and a separate equity stake for US$20 million, respectively.
According to e27, the company said it will roll out “digitally-enabled products and services that integrate savings, investment, and protection for everyone”.
Founded in 2014, Singapore Life is licensed by the Monetary Authority of Singapore (MAS) and claim to be Singapore’s fastest growing life insurer.
Featured Image Credit: Singapore Life Facebook