Bima, a Stockholm, Sweden-based micro-insurance provider in emerging markets, raised a US$107m financing including a US$30m growth round.
The financing was led by a US$96.6m investment from Allianz X, the digital investment unit of the Allianz Group, with participation from Kinnevik, Bima’s lead shareholder.
The company will use the funds to consolidate its leadership in micro-insurance and accelerate the delivery of affordable insurance to underserved populations.
Launched in 2010 by CEO Gustaf Agartson, Bima leverages combines mobile technology, partnerships with mobile operators and a dedicated 3,500-person salesforce to deliver insurance and health products to emerging markets customers who cannot access them through traditional channels.
The company has operations in 14 countries across Africa, Asia and Latin America and has 24 million registered customers to date.