Insurtech company Descartes Underwriting raises US$18.5M
The story: Descartes Underwriting, an insurtech company specialised in climate risk modelling and data-driven risk transfer hailing from France, announced that it has raised US$18.5 million in Series A funding round. The fresh round of capital comes 18 months after raising US$2.5 million in seed funding from BlackFin Capital Partners.
The investors: The investors in the round include global venture capital firms Serena, Cathay Innovation, and BlackFin Capital Partners.
The plans: The new financing will be used to support Descartes’ global expansion to the US and Asia. While headquartered out of Paris, Descartes covers a wide variety of geographies including Europe, North America, Latin America, and Asia and plans to open new offices in New York and Singapore. Descartes will also use the funds to grow its product range, target larger deals and deepen its tech capabilities and data science team.
What Descartes Underwriting does: Founded in 2018, the insurtech company scales up parametric insurance, leveraging new technologies and data science to challenge traditional insurance models. Founded by a team of experienced insurers and reinsurers, Descartes works with corporate brokers to design and underwrite innovative, bespoke and affordable insurance solutions.
Manny Pacquiao launches digital payment platform PacPay
The story: Technology startup Pac Technologies Pte Ltd announces the partnership with Remsea Pte Ltd, a fintech remittance firm licensed by the Monetary Authority of Singapore (MAS), in an effort to further both companies’ initiatives in the fintech space in Asia and beyond. Co-founded by boxing world champion Senator Manny Pacquiao, aims to launch PacPay this year.
Also Read: 7 lessons entrepreneurs can learn from Manny Pacquiao
What is PacPay: PacPay is a digital payment platform for global influencers, brands, and fans, providing users with seamless, faster, and safer cross-border prepaid solutions to make payments conveniently. Via PacPay’s rewards programme, users can connect with their favourite influencers for brands easily, participate in exclusive private events, and enjoy what it describes as ‘money-cannot-buy’ privileges and experiences.
During a media conference held in Manila last year, Sen. Pacquiao revealed his plan to develop PacPay. Fans of the legendary boxer have since indicated strong interest, many of whom have pre-registered for the highly-anticipated card programme.
Waze closes sales office in APAC
The story: In news shared by SGSME.sg, global navigation app Waze reportedly halts operations in Singapore, following the layoff of about five per cent or 30 people of its global workforce, due to the impact of COVID-19 pandemic.
The affected sales offices are the ones in Asia Pacific -Singapore, Indonesia, the Philippines, and Malaysia- as well as in its smaller Latin America markets of Colombia, Argentina, and Chile.
The Chief Executive Noam Bardin’s official note said that “Waze users in many cities and countries are driving less or have stopped driving entirely due to the ongoing pandemic”.
The note emphasises that the affected employees will receive a severance package that includes career transition opportunities within Google, outplacement services from the date of the notice through six months after employment, financial help and eligibility for year-end bonuses, and healthcare benefits.
What is Waze: The Waze app is an Israeli startup, Google-owned company, that uses user-generated data to help riders on the road finding other routes to avoid traffic jams or speed cameras.
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Image Credit: Louie Martinez on Unsplash
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