Singapore Life gets $50m Series A round
UK private equity investor IPGL has joined a $50 million Series A funding round for Singapore Life, a financial technology start-up targeting the insurance and savings services industry.
Impact Capital, a division of Hong Kong-listed Credit China FinTech Holdings, also participated in the round. According to a filing, Impact will contribute $21.3 million for a 33.8% stake. It is touted as the largest ever Series A round for a Singaporean fintech company in the insurance space.
“Singapore Life brings 21st century technology together with a very strong customer proposition, innovative distribution, cost effective product, and a fantastic brand,” Mark Richards, CEO of IPGL, said in a statement. “This, together with a very high quality global shareholder group who is committed to the best practice governance, makes a compelling proposition.”
Founded in 2014, Singapore Life aims to leverage new technologies to support a customer-centric financial services business. The plan is to offer universal life products, standalone term insurance with associated riders, investment-linked plans and wrappers, and endowment assurance. The company is currently seeking approval from the Monetary Authority of Singapore for a direct life insurance license.
IPGL was established in 1983 and focuses on growth-stage businesses in financial services, including the broking, fund management and insurance industries. Credit China FinTech, meanwhile, targets small to medium-sized companies in mobile and internet-related segments, and launched a RMB10 billion ($1.4 billion) Asia fintech M&A fund-of-funds in December.
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