Qoala Raises US$47M for AI-Powered Transformation and Regional Expansion – Fintech Singapore

Indonesian insurtech startup Qoala has closed its Series C funding round led by PayPal Ventures and MassMutual Ventures to raise US$47 million. This brings Qoala’s total raised capital to over US$130 million.

The round was also joined by MUFG Innovation Partners, Ohana Holdings, and returning investors Flourish Ventures, Eurazeo, and AppWorks.

The influx of capital will support Qoala’s plan to widen its embedded insurance business (B2B2C) across Southeast Asia.

The company aims to enhance its technological capabilities, incorporating artificial intelligence to improve customer, agent, and partner experiences.

Moreover, the funds will facilitate the exploration of new products and avenues, alongside a strategic push into acquisitions and partnerships in the region.

Qoala also plans to employ generative AI technologies to better agent experiences and operational efficiency.

The firm believes this investment will not only streamline processes but also enable faster product development and market readiness.

Additionally, Qoala is focused on bolstering its partners’ underwriting, claims processing, and fraud detection abilities through advanced tools and solutions.

Since its last fundraising round in 2022, Qoala has reported a 2.5-fold increase in gross written premiums and a substantial rise in in-house processed claims.

With a network of over 60,000 marketers, Qoala’s platform has processed over 115,000 claims and reaching 45,000 new customers in 2023 alone.

Harshet Lunani

Harshet Lunani, Founder and CEO of Qoala said,

“Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission.

Our mission to democratise insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”

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• Source: https://fintechnews.sg/93796/indonesia/qoala-raises-us47m-for-ai-powered-transformation-and-regional-expansion/