PolicyStreet founders
PolicyStreet, a Malaysia-based digital insurance platform, has completed its US$6M in Series A financing round, led by Altara Ventures, Auspac (financial advisory service) and Gobi Partners.
Existing investors KK Fund and Spiral Ventures also participated.
With the new capital, the insurtech startup aims to expand into new markets in Southeast Asia. It also plans to double down on its technological capabilities and business efforts.
The company also announced that it has secured in-principle approval for a General Insurance and Reinsurance license from the Malaysian Labuan Financial Services Authority. The license allows PolicyStreet to create and underwrite insurance products.
PolicyStreet was established in 2017 by former insurance and finance professionals Yen Ming Lee, Wilson Beh and Winnie Chua. The firm offers a digital platform to simplify the insurance buying and policy management experience and make them affordable and accessible to consumers and businesses.
Today, the company collaborates with 40 insurance partners.
The firm previously received both Financial Advisory and Islamic Financial Advisory approval from the Central Bank of Malaysia.
The latest funding round follows a series of strategic partnerships PolicyStreet has recently announced. The company is working with digital platforms such as AirAsia Money and Carro (through its subsidiary myTukar) in Malaysia in the auto insurance segment. PolicyStreet also has a partnership with Foodpanda to provide coverage to its delivery partners.
Dave Ng, General Partner at Altara Ventures, said, “We believe in the potential of embedded digital insurance platforms to flip the existing model and put customers in the centre. We have a strong conviction in the PolicyStreet team to bring innovation and advancement in digital insurtech to our region.”
Also Read: Malaysia’s PolicyStreet gets central bank approval for financial advisory
Thomas Tsao, founding partner and chair of Gobi, noted: “PolicyStreet’s ability to quickly identify gaps in the insurance and protection market, as evidenced by its multiple strategic partnerships, has seen it capitalise on accelerating digital adoption. As more services enter the online space, the insurance and protection market will adapt and build new solutions in response.”
In June 2020, PolicyStreet secured US$1.8 million in a Series A investment from KK Fund, Spiral Ventures and others.
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Image Credit: PolicyStreet
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