Singapore insurtech startup CXA Group today announced that it has raised an undisclosed amount of funding from Thai HR solutions provider Humanica and HSBC Life International Limited, an indirect, wholly owned subsidiary of HSBC Holdings.
The amount raised was undisclosed, but the company said Humanica has doubled its investment, following its convertible note bridge financing last year.
Rosaline Chow Koo, founder and CEO of CXA. Photo credit: Tech in Asia.
In addition, CXA has also signed a Memorandum of Understanding with Humanica to integrate the latter’s human capital management platform with CXA’s in Thailand.
The collaboration will see a combined digital HR payroll and employee benefits for Humanica’s 3,000 local enterprise customers and 700,000 employees. The two companies will offer corporate wellness and disease management initiatives as part of the partnership.
With the latest investment, CXA said it will further customize its platform from a software engineering perspective so it can be white-labeled and used by banks in Asia.
Through this customization, employees can have access to a range of health, wealth, and wellness offerings based on their personal data via a mobile app. Employees can then purchase offerings by drawing down existing insurance policies provided by their employers and using funds released into the platform’s ewallet.
The latest collaboration agreements are part of CXA’s business strategy expansion, according to a statement. Last year, the company teamed up with ThoughtWorks to re-architect its microservices-based platform and set up a technology hub in Vietnam for software engineering.
See also: Behind CXA’s difficult journey to launching its ambitious insurtech platform
Founded in 2013, CXA offers employees personalized health and lifestyle products. It says it currently serves more than 600 enterprises and over 700,000 employees in 20 countries. It also claims to have achieved a 50% revenue growth last year.
The company previously raised a total of US$58 million over several funding rounds with Openspace Ventures, B Capital Group, and Singapore-based global fund EDBI, among others.
Editing by Charmaine de Lazo
(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.
