Malaysian insurtech company PolicyStreet has raised a total of RM67 million (US$15.3 million) in a Series B fundraising round led by the country’s sovereign wealth fund Khazanah Nasional.
The round was also joined by other local and international investors, including Altara Ventures, Gobi Partners and Spiral Ventures.
PolicyStreet said that it intends to use the funds to strengthen its technology and underwriting capabilities.
It aims to increase its on-demand underwriting policies to make protection more accessible and better tap into underserved and underinsured audience segments in Malaysia and the region.
Founded in 2017 by Yen Ming Lee, Wilson Beh and Winnie Chua, PolicyStreet is a full-stack insurtech company that offers digital and customised insurance solutions to consumers and businesses.
PolicyStreet secured Financial Adviser and Islamic Financial Adviser licenses from Bank Negara Malaysia (BNM) in 2019, enabling it to work with over 40 insurance and takaful providers to provide financial advice, education and claims support to its customers.
It has also obtained the Reinsurer and General Insurer licenses from the Labuan Financial Services Authority (LFSA) in 2021.
Dato’ Amirul Feisal Wan Zahir, Managing Director at Khazanah said,
“Our investment in PolicyStreet aims to improve insurance penetration within the unserved and underserved segments which advocates inclusivity, providing better financial protection, increasing household resilience and financial well-being.”
Yen Ming Lee, Chief Executive Officer and Co-founder of PolicyStreet said,
“PolicyStreet is committed to empowering underinsured businesses and consumers by providing accessible insurance solutions.
With over half a million B40 gig workers and 50,000 small-medium enterprises (SMEs) already benefiting from our services, we aim to serve 2.5 million gig workers and 300,000 SMEs within the next five years, creating a more financially inclusive future for communities in Malaysia and the region.”
