Life insurance company Singapore Life continues its recent deal flurry, securing a new $90m investment.
Sumitomo Life Insurance Company, a Japanese life insurer, led the funding and picked up 25 per cent of the company’s issued and outstanding shares. The insurer will support Singapore Life’s expansion plans for offering connected, insurance-led financial services to those in Singapore and other countries.
This investment adds to the $33m already raised by Singapore Life this year. US-based insurer Aflac Incorporated injected $20m to the InsurTech, while Aberdeen Standard Investments deployed the other $13m.
Licensed by the Monetary Authority of Singapore (MAS), Singapore Life offers life insurance policies both digitally and physically. As well as policies, the company offers wealth management tools such as independent financial advisers.
Having closed the round, Singapore Life is looking to accelerate it mobile-first insurance capabilities and establish a connected consumer financial journey and interface from life insurance to money and wealth management.
Working with Sumitomo Life will also boast access to strategic partnerships and acquisitions.
Singapore Life founder and CEO Walter de Oude said, “We truly believe there is a need to reshape the financial industry. Consumer needs have changed dramatically in the past decade and there is no single offering that adequately addresses this.
“While we aim to lead the charge, fulfilling this will require a collective effort from traditional finance companies, technology firms, and regulators to collaborate and foster customer-centric innovation.
“As we grow our base of allies, we look forward to partnering with other FinTech providers across the region to design financial products that earn the money and trust of everyday consumers.”
The new capital injection has brought Singapore Life’s total funding-to-date to $153m.
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