Singapore-based digital life insurance startup Singapore Life has increased a funding round featuring insurance provider Aflac to $33m, according to the Business Times.
The company received a $13m investment from asset manager Aberdeen Standard Investments (ASI), adding to the $20m Aflac invested earlier this month. The latest investment boosted its overall funding to $97m.
Founded in 2014, Singapore Life sells life insurance policies to users through an online platform that is fully licensed by the Monetary Authority of Singapore. It will use the latest funding to expand its offering to additional markets in Southeast Asia.
Singapore Life CEO Walter de Oude said in a statement seen by the Business Times: “ASI is a leader in insurance asset management who brings not only strong investment expertise and brand credibility, but also deep insight into the challenges facing insurers and their clients globally.
“We look forward to working together as we grow our footprint in Singapore and beyond, and deliver on digital first journeys to customers via cutting-edge technology.”
Impact Capital Holdings, a subsidiary of financial technology provider Credit China Fintech Holdings (CCFH), paid $21.4m for a 33.8% stake in the company as part of a $50m series A round in 2017 that included investment holding group IPGL.