Insurtech Singapore Life raises US$90M funding from Sumitomo Life
Singapore Life Pte. Ltd. (“Singapore Life”), the Singapore-based wealth technology and life insurance company has extended its capital base with a US$90 million investment from Sumitomo Life Insurance Company (“Sumitomo Life”), life insurers from Japan.
This investment brings Singapore Life’s total funding to date to US$153 million. Earlier this year, the company raised funding from Aflac Incorporated and Aberdeen Asset Management, and IPGL (Holdings) Limited.
As part of the investment, Sumitomo Life has acquired approximately 25 per cent of the total issued and outstanding shares in Singapore Life with the investment. In an official statement, Singapore Life said that the funding will be used to focus on the expansion of products throughout Singapore and beyond with mobile-first approach.
“Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs,” said Walter de Oude, Founder and Chief Executive Officer of Singapore Life.
As the first independent homegrown company to be fully licensed by the Monetary Authority of Singapore (MAS) since 1970, the company claimed that it has a head start in innovation in the fintech sector.
Masahiro Hashimoto, President and Chief Executive Officer of Sumitomo Life, said: “We foresee rapid growth in the life insurance markets in Southeast Asia and Singapore in particular. We support this forecast by participating in Singapore Life as a long-term strategic investor.”
Singapore Life’s products include a suite of term insurance, universal life, critical illness, and endowment plans.
Next, the company said it will launch digitally-enabled products and services that integrate savings, investment, and protection for everyone.