Insurtech startup Singapore Life raised $50m in Series A funding.
Backers in the round, whose closing is still conditional upon approval from the Monetary Authority of Singapore, included:
– Credit China FinTech, which through its subsidiary Impact Capital Holdings, invested US$21.3m in exchange of an approximately 33.8% stake, and
– UK-based investment firm IPGL.
The company will use the funds to continue to develop its products.
Led by CEO Walter de Oude and Executive Chairman Ray Ferguson, Singapore Life has applied to the Monetary Authority of Singapore for a direct life insurance license. Subject to such approval and in due course, the company shall offer universal life products, standalone term insurance with associated riders, investment linked plans and wrappers, and endowment assurance.