BIMA, a Swedish insurtech company bringing microinsurance to underserved families in emerging markets, closed a $16.8m funding.
The round was led by Axiata Digital, the digital services arm of Axiata Group Berhad (Axiata), one of Asia’s largest telecommunications groups.
Axiata Digital joined existing shareholders, Kinnevik, Milicom (Tigo), LeapFrog Investments and Digicel. The investment replaced existing shareholders commitment for the second instalment of a C-series fundraising completed in June 2015.
BIMA has raised US$75m since launch.
Axiata already works with BIMA as a partner in several markets. The investment is aimed at bringing the company’s solutions to new high-growth markets across Asia.
Led by founder and CEO Gustaf Agartson, Bima provides mobile-delivered insurance products, which enable customers to pay via deduction of prepaid airtime credit. This approach leverages a proprietary mobile insurance platform, which integrates with mobile operators’ existing tech infrastructure.
The company partners with microfinance institutions, banks and mobile operators to deliver its products to customers across Africa, Latin America and Asia.