Singapore-based insurtech startup Axinan has raised an undisclosed amount in a fresh round of funding, the media reported. Axinan is also rebranding itself as Igloo.
The funding round for Axinan was led by InVent, the corporate venture unit of Thailand’s Intouch Holdings. Other investors who participated in the funding round include Openspace Ventures, Linear Capital, Singtel Innov8, Cathay Innovation, and Partech Partners.
Reportedly, the startup will use the funds to hire new talents, acquire licences in new markets, and also upgrade its technological capabilities. It wants to improve its presence in Thailand and the Philippines and expand into other Southeast Asian markets such as Vietnam.
Axinan founder and chief executive Wei Zhu told the media, “We see that digital insurance is on the rise in Southeast Asia, and we believe that our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers’ needs for personal well-being.”
Established in 2016, Axinan uses big data and real-time risk assessment to create B2B2C solutions for companies and insurers. According to media reports, the startup provided its services to 15 million end-users. Its client list includes ecommerce and travel space such as Bukalapak, Lazada, RedDoorz, and Shopee, as well as regional insurance partners such as Allianz, Baoviet, FWD Singapore, and Sompo.
Last month, Hong Kong-based AMTD Digital acquired a controlling stake in Singapore-based insurance company PolicyPal.
The acquisition is a part of AMTD Digital’s to develop and expand in Southeast Asia and to build a fintech platform in Singapore.