Axiata Digital, the digital services division of telecommunications firm Axiata Group, has provided for Bima, a Sweden-based provider of insurance and mobile health services in developing markets.
Bima partners with local operators such as telecom networks, banks and microfinance providers to offer affordable health and insurance services through mobile devices to customers across 15 developing nations.
Axiata already works with Bima in several markets to provide services through mobile devices, but the investment will help to open up additional Asian markets to Bima, the companies said in a statement.
Mohd Khairil Abdullah, chief executive of Axiata Digital, said: “As a long-term partner, we recognise the strength of Bima’s technology and model, and have seen its growth trajectory.
“Our shared commitment to innovation is a key driver behind Axiata Digital’s investment. Together we have the potential to transform the way consumers across Asia access and use products in the digital age.”
“Alongside product development, we will prioritise geographic expansion through new local partnerships that will bring these life-changing services to millions of families across Asia.”
The round took Bima’s overall funding to $75m, according to the statement. Media and telecom group Millicom invested in the company as part of a $22m series B round in 2014 that also featured existing backers Kinnevik and LeapFrog Investments.
Axiata’s investment will be added to a series C round that stood at $38.4m as of mid-2015, and which already included Millicom, Kinnevik, LeapFrog, mobile network operator Digicel and various private investors.