With Insurtech Demand Surging PolicyStreet Raises Funds Through Equity Crowdfundingby Fintech News Malaysia April 8, 2020
Despite the gloomy climate brought on by the COVID-19 outbreak, insurtech startup PolicyStreet is looking to fundraise through Equity Crowdfunding via pitchIN. In their statement, PolicyStreet shared that the insurance sector is seeing a “buzz of activities and has a positive outlook” and that it has ” heightened sense of urgency to protect their lives and health” for more people
PolicyStreet is the only homegrown insurtech awarded the Financial Adviser and Islamic Financial Adviser approval by Bank Negara Malaysia, which has enabled them to work with over 34 insurance and takaful providers in Malaysia and offer more than 1,000 products.
Last year alone, PolicyStreet has recorded a 16x y-o-y growth in revenue (audited) to RM5.3 million and sold more than 32,000 policies, with a 11x growth y-o-y. As of January 2020, the firm has served more than 225,000 customers and transacted more than RM3.8 billion in terms of sum assured.
Since the start of the pre-live investment on 3 April 2020, PolicyStreet has received commitments of over RM1.9 million from board members of GLCs, senior corporate professionals and angel investors. The amount has exceeded its minimum target and the ECF campaign will go on till RM3 million. Private placements by sophisticated investors will be accepted beyond RM3 million.
“I am very excited to be able to offer this opportunity to own a part of PolicyStreet to all levels of investors as we embark on an exponential growth in the region. We have always wanted to do this but never had a chance to do so until now. So don’t miss out and act now”;
Yen Ming, CEO of PolicyStreet.
“We are excited to have PolicyStreet fundraising on pitchIN Equity Crowdfunding. PolicyStreet, a home-grown company, has been identified as one of Asia’s Top 10 InsurTech companies. This is a fantastic opportunity for investors to invest in this high growth startup”,
Sam Shafie, CEO of pitchIN.
The investment starts at RM2,514 for 100 shares at https://bit.ly/policystreet-ecf