Heaptalk, Jakarta — Insurance technology (insurtech) startup Qoala is featured in the 2023 CB Insights’ Fintech 100 Ranking, which was previously the Fintech 250, for the insurance category.
The CB Insights’ research team selected these 100 winners from a pool of over 19,000 private companies, including applicants and nominees. They were chosen based on several factors, such as equity funding, investor profiles, R&D activity, and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.
Founder and CEO of Qoala Harshet Lunani felt honored to be included on the Fintech 100 list. “Being on the list is a testament to the spirit of innovation that we have brought to the insurance industry and also the impact we have made on the lives of our consumers across Southeast Asia. Qoala’s inclusion to the list is made more significant as we are one of the two companies to represent the emerging markets that are headquartered in Indonesia,” said Harshet (10/03).
Qoala has served more than 8 million customers by simplifying access to insurance across Southeast Asia, spanning Indonesia, Malaysia, Thailand, and Vietnam. The startup offers affordable insurance through an omnichannel business. In July 2023, Qoala was also recognized for its role in insurance distribution by being on CB Insights’ Insurtech 50.
Covering 20 diverse sectors, e.g. lending, insurance, and digital banking
The sixth annual list showcases promising financial technology startups from 20 diverse sectors, including lending, cross-border payment, insurance, digital banking, accounting and finance, conversational banking, B2B BNPL, real estate and mortgage, mobile wallets and remittances, spend management, account-to-account (A2A) payments, and capital market.
According to Lead Fintech Analyst at CB Insights Chris Bendtsen, this year’s Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more representing 24 different countries across the world. “Together, they are not only increasing the pace of innovation but are launching new products and features to revolutionize the industry as a whole,” added Bendtsen.
In the 2023 Fintech 100 list, there are 31 unicorns or companies with more than US$1 billion valuations. The list also includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised approximately $22 billion in equity funding across 381 deals since 2019.
For this year’s winners, 40% of the selected companies are headquartered in the US. The UK comes in second with 12 winners, followed by Singapore with 7. Additionally, some emerging markets stand out with multiple winners this year. For example, India has 3 winners, while Indonesia and Egypt each have 2.
