Indonesia-based InsurTech startup Fuse has recently raised US$ 25 million in a Series B extension round as it plans to expand in more countries including Vietnam and Thailand in Southeast Asia. Fuse has closed three funding rounds of Series B within the past six months, taking the company’s total fundraise to more than US$70 million.
The funding round was led by an undisclosed global FinTech fund, along with participation from existing investors GGV Capital, East Ventures, Emtek and eWTP.
“We are very glad to be recognized by a leading global fintech fund which had looked into most insurtech players in Southeast Asia and decided to invest in Fuse. We are very excited to get access and insights from other fintech and insurtech portfolio companies in this global network. The strong interest of global investors reconfirms our current ecosystem approach — using Fuse’s technology platform to make insurance more accessible for Southeast Asia’s underpenetrated population,” Andy Yeung, CEO of Fuse said.
With pandemic accelerating the digital transformation in the InsurTech industry, Fuse plans to tap into the large and underpenetrated insurance industry in other Southeast Asian countries, where over 70 percent of the population is connected to the internet.
“We deeply believe that digital insurance transformation can help more people get protection with insurance, and hopefully, the insurance penetration rate can increase substantially in the coming years in Indonesia as well as Southeast Asia,” said Yeung.
Founded in 2017 by insurance industry veterans Ivan Sunandar and Andy Yeung, Fuse leverages mobile applications to enable an agent-focused insurance distribution model that covers B2C, B2A comparison, B2B2C (financial institute and micro-insurance).
The startup offers general health and insurance products that cover segments such as travel, property, vehicles, term life, health, critical illness, as well as digital insurance for gadgets, credit default insurance, and cargo liabilities.
Presently, more than 60,000 agent partners use the company’s mobile application, Fuse Pro while 40 insurance companies avail the platform for distributing 300 insurance products available for end consumers or partners.
Fuse has been officially appointed by Tokopedia in the third quarter of 2021 as its strategic research partner for supporting its general insurance products.
The Gross Written Premium (GWP) of policies within the first three quarters of 2021 transacted through the Fuse platform has already crossed US$70 million.
The startup has more than 460 employees with branch offices in Vietnam, China, and Indonesia.
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