Insurtech firm, Singapore Life, has raised US$50 million in a Series A funding round, with investments from Hong Kong-listed integrated financial technology group Credit China FinTech Holdings through its subsidiary Impact Capital Holdings, and UK-based investment firm IPGL.
This is the largest ever Series A funding round by a Singapore-based insurTech company, Singapore Life said in a statement.
The statement also said that Singapore Life was founded 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.
Mr Walter de Oude, CEO of Singapore Life, said: “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.”
Mr 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.”
Mr Mark Richards, CEO of IPGL, said: “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. We look forward to supporting the journey ahead.”