Miguel Cordon · · 1 min readSingapore Life banks $90m from Japan’s Sumitomo Life
Tech-driven insurance startup Singapore Life has secured US$90 million in investment from Japan’s Sumitomo Life Insurance Company.
Singapore Life CEO Walter de Oude / Photo credit: Singapore Life
Under the deal, Sumitomo Life gets about 25% of the total issued and outstanding shares in Singapore Life. The move will also support the Japanese insurer’s plans to expand into Singapore and other markets, according to a statement.
Singapore Life, which was founded in 2014 and began operations in 2017, said it’s looking to launch digitally enabled products and services with a focus on customer savings, investment, and protection.
“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,” said Singapore Life CEO Walter de Oude.
In May, the company raised US$7.3 million in investment from Hong Kong-based asset management firm Ion Pacific, which gave it access to Southeast Asia’s life insurance market. Earlier this year, Singapore Life also acquired prepaid card brand Canvas from local payments platform Yolopay.
To date, Singapore Life claims it has raised a total of US$153 million in funding.
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
