Insurtech

$47M for Qoala to take Southeast Asia from unsure to insured

March 29, 2024

Here’s Qoala! They’re an Indonesia-founded insurance platform with over 5M customers that just raised a $47M Series C co-led by PayPal Ventures and MassMutual Ventures.

  • They have 5M customers. They processed over 115k claims and added 45k new users last year.
  • They operate in Indonesia, Malaysia, Thailand, and Vietnam.

Investor check. PayPal Ventures and MassMutual Ventures co-led the round. MUFG Innovation Partners, Omidyar Network, and existing investors Flourish Ventures, Eurazeo and AppWorks also joined in!

  • They’ve raised over $130M to date.

❓ Unsure? Just get in(sure)d

Founded in 2018, they offer all kinds of insurance from their partners on their website and app. They've got health, vehicle, property, disease, life insurance and more!

  • They also offer their insurance products through over 50+ platform partners like Kredivo, Shopee, and Traveloka!
  • They’ve seen over 15x growth in gross written premium from 2020 to 2023.

Convenient and affordable. Pick whichever insurance you need from Qoala, pay, and you're all set.

  • Easily compare prices and get transparent fees too!
  • Claims made easy. Just upload images, and they’ll use machine learning to detect fraud.

Online and offline. They have a network of over 60k human agents that sell insurance.

  • They don’t go direct-to-customer. They leverage channels like consumer-facing platforms and traditional offline brokers to close more clients.

⏭️ What’s next?

They’ll be using the $$$ for strategic acquisitions and partnerships, and they’ll be bringing more AI solutions into their channels too!

Know Southeast Asian tech in minutes.

The newsletter that keeps you up-to-date on the top stories on tech and business in Southeast Asia. It's fun, quick and free.
You're now subscribed to BackScoop. See you in your inbox!
Oops! Something went wrong while submitting the form.

Know Southeast Asian tech in minutes.

The newsletter that keeps you up-to-date on the top stories on tech and business in Southeast Asia. It's fun, quick and free.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.