MicroEnsure, a UK-based company that provides insurance to customers in emerging markets, has raised $10.4m in funding from investors including telecommunications company Telenor.
The round also included Sanlam Emerging Markets, AXA, Omidyar Network, the World Bank-backed International Finance Corporation (IFC) and Opportunity International, from which Telenor spun out in 2008.
Telenor took an equity stake in the company in the present round by converting debt and rolling up its 51% stake in joint venture MicroEnsure Asia into MicroEnsure.
MicroEnsure sells insurance to low and middle income ustomers across mobile devices through partnerships with mobile network operators and microfinance banks. It plans to continue its expansion, offering a range of accessible insurance products in three new countries in 2014, building on a client base that comprises more than 7.6 million people across Africa and Asia.
In 2013, MicroEnsure secured investment from IFC and Omidyar Network, developing strategic relationships to continue growth. The Bill and Melinda Gates Foundation has also provided funding for the company in the past.