PayPal backs Indonesian insurance startup Qoala in $47M funding


PayPal Ventures’ latest investment is in an Indonesian startup that provides personal insurance products covering a variety of risks, including accidents, phone screen damage, and ticket cancellations.

Qoala has secured $47 million in a new round co-led by PayPal Ventures and MassMutual Ventures, the five-year-old startup said Wednesday. MUFG Innovation Partners, Omidyar Network as well as existing backers Flourish Ventures, Eurazeo and AppWorks also participated in the Series C funding, which brings Qoala’s total funding to more than $130 million since its inception.

Qoala, headquartered in Jakarta, is an insurance broker that works with top local insurers and e-commerce firms to offer customers personalized and affordable products. The startup sells these insurance both through its website and app as well as through offline engagements.

The startup – which also relies on a network of over 60,000 human workforce that it refers to as “agents” or marketers to sell insurance – simplifies the claims process through image uploads and uses machine learning to detect fraud, benefiting both customers and insurers by expanding access to convenient, cost-effective insurance solutions. It processed over 115,000 claims and reached 45,000 new customers last year, the startup said.

Qoala revealed that its gross written premiums have surged by 2.5 times since 2022, and the startup now handles up to 60% of all claims internally, though it did not disclose exact numbers.

Qoala co-founder and chief executive Harshet Lunani said the new funding “demonstrates market confidence” in the startup’s strategy. “Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods,” he said in a prepared statement.

Qoala plans to deploy the fresh funds to explore strategic acquisitions and partnerships as well as in sprinkling AI across its channels.

“It is commendable to see what Qoala has achieved in a short period of time,” said Alexandros Bottenbruch, Principal at PayPal Ventures in a statement. “By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.”

PayPal Ventures is no stranger to Indonesia. It backed Gojek in 2020.



Source link

By asm3a

How To Get Free Match Masters F How To Get Unli Xbox Gift Card Royal Match Che Iphone Giveaway How To Get Bado Free Episode Ch Episode Choose All Brawl Stars Playgd Mobile F Telecharger Gbw Free Razer Gold Who App Free Co 11 Ways To Get (New-Updated) M How To Increase Pk Xd Generator Dream League So 10 Ways To Earn Onlyfans Accoun Ar Robots Gold Royal Match Fre Episode Choose Match Masters F How Can I Get A 12 Legit Ways T How To Get Free [Official] Best Playstation Off New.Updated She All Free Genshi Apex Legends Is ▶️ How To Get P How To Get Free Jackpot Mania C Imvu Credits Wo Level Up Your G Playgd Mobi Gol House Of Fun Sl Match Master Fr Madden Nfl Mobi Walking War Rob How Can I Get F Cash Frenzy Slo New Survivor.Io Claim Free Leag Simcity 3000 Un Collect Helldiv Webtoon Insane Bingo Blitz Fre How To Get Free Coin Master Spi Ar Robots Gold How To Get Free New.Updated She How To Get Free Walmart Rewards Free Eshop Code Pokemon Go Play 8 Ball Pool Rew How To Get Jack How To Get Free Garena Free Fir Get Free Coins Télécharger Wha Bingo Blitz Fre Simcity Buildit Today'S Coin Ma How To Get Free House Of Fun Fr Play Gd Mobile Bigo-Live-Free- My Singing Mons Fire Kirin Free How To Get Unli Best Buy Free C Instagram 10K F Free Instagram Match Masters F Spotify Premium Free Apple $10 Free Amazon Gif How To Get 1000 How To Get 3 Fr Free Credits Fo Discover The Se Free Followers Helldivers 2 Fr New Updates) 2 Hey Avakins. Do Dice Dreams Fre Free Amazon Gif Reading At Good Webtoon Free Co Tumile Hack/Mod Tumile Hack/Mod Call Of Duty Mo 5 Secret Surviv Get Free Candy All Valorant Co 12 Easy Ways To Get Free Cp In Monopoly Go Fre Free™ Bigo Live How To Get Free How To View Onl Survivor Io Cod Helldivers 2 Fr Free Tiktok Lik 6 Best Free Pay Vct 2024 Differ Spotify Mod Apk Livu Free Coins Get A Free $25 Free Tiktok Coi New* Get Free I Free Mine Coins Helldivers 2 Fr Free Unused Nin Easiest Free Vc (Legit) Imvu Fr Cod Points Save Play War Robots Download Gta 5 Apex Legends 5T No Waiting Free (Newest)!! 2 Wa Cash Frenzy Slo Candy Crush Fre Apex Girls All Onlyfans Free S Easy Ways To Ge Créez Une Appli Bingo Blitz Fre How To Get The Boost Your Team (Free) Unlimite Pokemon Go Free Increase Your S Monopoly Go Hac Best Free Onlin Free Primogems! Genshin Impact Madden Nfl 24 M Spotify Premium Free Best Buy G Fre Gems Pred F Free Boxes Work How To Get More How To Get Free How To Get Cred How I Get My Xb Garena Free Fir How To Increase Free Cod Points Coin Master Fre How To Get Free Free Mine Coins Play Gd - Play Get 100 Free In Walmart Rewards Jackpot Party C Genshin Impact Earn Free Pubg Fire Kirin Free How To Get Free Here'S All The 15 Easy Ways To Free Nintendo E Madden Nfl 24 M Free Nintendo E Free Monopoly G Reading At Good Free Itunes Gif 8 Ball Pool Gen Surprise Reward Garena Free Fir Discover The Se All Free Brawl 8 Ball Pool Fre How To Earn Fre 2 Best Stories Free Tiktok Fol Here Are All Th Download Millio Livu App Unlimi How To Get A Sp Coin Master Fre Nba 2K24 Locker Shein Gift Card Free Paypal Mon Coin Master Fre How I Got 40K C How To Get Free Gamehunters Clu Genshin Impact Avakin Life Hac Minecraft Free