Bjak, a Malaysia-based online insurance platform, is considering an initial public offering (IPO) within the next two years as it looks to fund further international growth.

Bloomberg reported that the company is evaluating new markets beyond Asia.

Founder Low Wei said Bjak is assessing Spain and Germany for potential entry in 2026, which would mark its first expansion into Europe.

The move would follow the company’s recent entry into Japan, Taiwan and Thailand.

Low said gross written premiums rose by about 20 percent to 30 percent this year and he expects growth to accelerate as the company expands overseas.

He said the business has been profitable since it was founded in 2019 and operates with minimal debt, though no detailed financial figures were disclosed.

The proposed IPO would support further international expansion and provide liquidity for employees through stock-based compensation, Low said.

He also plans to scale the company’s workforce, with global headcount expected to double from nearly 200 to around 400 by the end of 2026.

Founded in 2019, Bjak operates a digital platform that allows users to compare and purchase insurance products across multiple markets.

The company says it has about seven million users and works with 16 insurance providers on its platform, including Allianz and Tokio Marine.

Low has said uneven adoption of insurance technology across Asia continues to create opportunities for digital platforms, even as more mature markets such as the UK show higher penetration.

Featured image: Edited by Fintech News Malaysia, based on image by Nauthar via Freepik