Singapore Life has raised $50m in the largest Asian InsurTech funding round to date.
The Series A investment comes from Impact Capital, a subsidiary of Credit China FinTech Holdings, as well as UK-based investor IPGL and other unnamed participants.
Impact Capital will gain a 33.8% share of the company for a $21.3m investment, according to a filing with the Hong Kong securities and future exchange.
The deal is expected to wrap at the end of June, pending approval from the Monetary Authority of Singapore (MAS).
The deal is the largest InsurTech deal to close in Asia to date according to FinTech Global data.
Companies across the region raised a total of $36.7m over the course of 2016 with 14 funding rounds completed.
Despite being founded in 2014 by a team of financial services veterans, not a lot is known about Singapore Life.
Impact’s filing says the startup has applied to the MAS for a direct life insurance license and subject to its approval the company will offer universal life products and standalone term insurance.
The company says more details of its offering will become available following regulatory approval.
IPGL CEO Mark Richards offered slightly more information and commented: “Singapore Life brings 21st century technology together with a very strong customer proposition, innovative distribution, cost-effective product, and a fantastic brand.
“This, together with a very high-quality global shareholder group who is committed to the best practice governance, makes a compelling proposition.”
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