Singapore-based life insurance and financial services startup Singapore Life has raised $50m in series A funding from investors including financial technology provider Credit China Fintech Holdings (CCFH), Tech in Asia reported yesterday.
CCFH subsidiary Impact Capital Holdings paid $21.4m for a 33.8% stake in the company, according to a regulatory filing. UK-headquartered, trading group-operated holding company IPGL also participated.
Singapore Life is still in stealth mode but according to the filing it was founded in 2014 to “provide state-of-the-art, long-term life and savings solutions for customers that value simplicity, safety and security”.
The company has also applied to the Monetary Authority of Singapore for a life insurance licence. Founder and chief executive Walter de Oude was previously CEO of HSBC Insurance, a division of financial services firm HSBC, for four years.
De Oude said in a statement: “Credit China FinTech and IPGL bring the best of technology-led business success in support of Singapore Life’s long term strategy.
“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.”