Indonesian insurtech firm Qoala acquires Thailand’s FairDee

Indonesia-based insurtech firm Qoala announced its acquisition of Thailand’s FairDee to further expand its reach in Southeast Asia.

Qoala co-founders Tommy Martin (left) and Harshet Lunani / Photo credit: Qoala

FairDee has been operating in Thailand since 2019, helping independent brokers go online through its platform. Qoala’s acquisition of FairDee marks the former’s expansion into the country, adding to its existing markets of Indonesia, Singapore, Malaysia, and Vietnam.

According to the statement, the collaboration aims to speed up technology scalability and innovation across all businesses of Qoala.

“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 Southeast Asia presence,” said Qoala founder and CEO Harshet Lunani.

Launched in 2018, Qoala offers an omnichannel service that combines new insurance product creation and photo-based claims. It currently works with partners such as Allianz, Zurich, Chubb, and digital platforms Oyo, Traveloka, Ovo, Dana, and Momo.

It is backed by companies such as Sequoia Capital, Flourish Ventures, and Mirae Asset Management, among others.

In April last year, Qoala raised US$13.5 million in its series A round led by Centauri Fund, a joint venture between South Korea’s KB Financial Group and Indonesia’s Telkom Indonesia. At that time, the company said it processes over 2 million policies per month, covering travel, fintech, consumables, logistics, and employee benefits.