Malaysian based insurtech firm PolicyStreet.com, announced the completion of its Series A fundraising round totalling RM25 million over two tranches.
The latest round is led by Altara Ventures, Auspac Ventures, Gobi Partners, and the Leong family of Mah Sing Group led by business magnate Tan Sri Dato’ Sri Leong Hoy Kum.
PolicyStreet.com raised an earlier round via PitchIN, KK Fund and Spiral Ventures during the height of the COVID-19 crisis in June last year one, the largest amount raised from an equity crowdfunding platform in Malaysia.
The announcement of today’s Series A round also coincided with PolicyStreet.com securing in-principle approval for a combined Reinsurance and General Insurance license from the Labuan Financial Services Authority, the financial regulator for Labuan International Business and Financial Centre.
It is the second insurtech to be granted the insurance license. The license will allow PolicyStreet.com to underwrite reinsurance and general risks as it looks to expand its strategic partnerships and footprint in the region.
In 2019, it was the only local insurtech that received the Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia, enabling it to work with 40 insurance and takaful providers in sourcing, aggregating, customising and advising customers on the best insurance products that meets their needs.
The latest funding round follows a series of strategic partnerships PolicyStreet.com recently including the likes of airasia money, foodpanda and myTukar
With the new round of funding, PolicyStreet.com aims to expand into new markets in the region, while doubling down on its technological capabilities and marketing efforts to address protection gaps and provide greater variety of insurance products to meet the growing demands of the digital economy.
Today, the insurtech serves not just end-users but also businesses in providing customised Employee Benefit, Building and Group Personal Accident insurance. Its business clientele includes small to large corporates and technology companies.
Yen Ming Lee, Co-Founder and CEO of PolicyStreet.com, said
“We are truly proud to have Altara, Auspac, Gobi and the Leong family’s belief in our vision. We are excited to introduce new sachet-based and on-demand insurance products with our new license to power up the digital ecosystem, while continuing to provide value to all our existing customers in South East Asia. With a very seasoned and experienced team of investor partners, PolicyStreet.com is convinced that our new investors will be able to help us grow to be the leading insurtech in the region.”
