With the business expansion in over 30 markets, Bolttech contains over 700 distribution partners and 230 insurers on this platform.
Heaptalk, Jakarta — Singapore-based insurtech startup Bolttech has bagged the additional investment in its Series B round worth US$50 million, approximately Rp768 billion, from investment firm LeapFrog. With this new funding, this startup has uplifted its valuation to be US$246 million.
Bolttech company plan to utilize the capital to support its business expansion strategy globally, focusing on emerging markets and broadening its technology-based ecosystem for protection and insurance for emerging consumers. The insuretech startup also intends to allocate the funds to empower the insurance industry and close the US$1.8 trillion protection gap globally.
To bridge this gap, together with this investment firm, Bolttech promotes financial inclusion by improving access to essential and affordable insurance products. The startup realizes LeapFrog’s extensive track record with tech-enabled insurance businesses in Africa and Asia will bolster the company team to target its development to this growing market, which is expected to build social and economic resilience by mitigating daily financial turbulence.
In several Asian markets, such as the Philippines, Vietnam, and Indonesia, devices are critical insurable assets that can help unbanked and underbanked customers access financial and telemedicine services at lower costs. Bolttech’s ecosystem connects tailored and affordable insurance products to customers via partner platforms in more than 30 markets in North America, Asia, and Europe.
The platform proffers an embedded insurance service for its customers as one facility when customers purchase several products and services – for instance, customers buying a smartphone might be prompted to purchase a protection plan that offers repair, device replacement, or trade-in. With a B2B2C business scheme, the startup contains over 700 distribution partners and 230 insurers.
In response to this additional funding, the Group Executive Officer of Bolttech, Rob Schimek, stated, “We are thrilled to welcome LeapFrog as our new investor amidst a challenging economic backdrop for insurtech and fintech globally.
As part of the investment, this insurance startup will appoint the Partner and Co-Head of LeapFrog Asia Financial Services, Fernanda Lima, as its Board of Non-Executive Directors. The company claimed that Fernanda’s experience in adding value across the firm portfolio of inclusive institutions worldwide would boost the emerging market presence and business improvement of Bolttech while also guiding the company to develop a long-term ESG strategy.
“I realize numerous matters must be done to close the protection gap, particularly in emerging Asia, Latin America, and Africa. I am honored to take on this role and also excited to draw upon my experience and work with the other members of the Board to help Bolttech towards its goals,”
