Singapore Life, a Singapore-based digital life insurance startup backed by financial technology provider Credit China Fintech Holdings (CCFH), has received a $20m investment from insurance provider Aflac.
Founded in 2014, Singapore Life is fully licensed by the Monetary Authority of Singapore and provides life insurance policies through its online platform.
Following the investment, Aflac subsidiary American Family Life Assurance Company of Columbus will act as reinsurer for some of the insurance products provided by Singapore Life.
Singapore Life raised $50m in an April 2017 series A round that included a $21.4m investment from CCFH subsidiary Impact Capital Holdings, which took a 33.8% stake in the company, and additional capital from investment holding group IPGL.
Walter de Oude, Singapore Life’s CEO, said: “We are excited to have Aflac as both an investor in Singapore Life and a partner, given the strength of Aflac’s brand, the credibility that it brings, and their leadership in the areas of cancer insurance and other supplemental medical policies.
“We look forward to working with Aflac as we continue to grow Singapore Life’s range of financial services that our customers are seeking.”
Aflac made the investment four months after increasing the capital available to its corporate venturing unit, Aflac Ventures Fund, from $100m to $250m.