Indonesian InsurTech Qoala has reportedly acquired digital insurance broker FairDee to help it move into Thailand.
This acquisition will help with technology scalability and innovation of Qoala, according to a report from IBS Intelligence.
Qoala is also using the deal to enter the Thailand market, adding to its existing operations in Indonesia, Malaysia, Singapore and Vietnam.
According to media reports, Qoala founder and CEO Harshet Lunani said, “FairDee and Qoala share the same vision in how insurance can be reimagined. Hence, we are doubling down on developing technology to deliver an excellent insurance experience to the community digitally in Thailand on the back of our strong SEA presence.
With this acquisition, we are taking a big leap in the group’s regional ambition to be the number one insurtech in SEA. Given the shared vision and expertise that FairDee’s team has been able to cultivate since its inception, we are confident to continue to serve millions of underinsured in the region.”
Last year, Qoala closed a $13.5m Series A round. The round was led by Centauri Fund, with commitments also coming from Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment and Mirae Asset Sekuritas.
The InsurTech offers a mobile platform to help consumer take out insurance policies for flights, trains and phones. The app will automatically alert the policyholder when there is a claim they can make, with no paperwork needed just a photo of documents.
Copyright © 2021 FinTech Global