Insurtech Firm Qoala Raises $13.5m, Gears for Expansion

Jakarta-based insurance technology startup company Qoala recently raised $13.5 million in the Series A funding round. The massive investment in the fintech firm comes amid the growing economic impact of the virus pandemic across Southeast Asia and the rest of the world.

Qoala is an insurance and financial technology company that provides customers access to comprehensive and multichannel insurance solutions. According to Tech Crunch, it currently offers coverage against phone display damages, hotel-quality checks, and e-commerce logistics.

For customer convenience and accessibility, individuals can easily capture photos to make claims. Qoala also leverages machine learning capabilities to help detect and prevent fraudulent claims.

Insurtech Firm Qoala

The Indonesian-based financial technology firm has partnerships with leading insurance providers, namely AXA, Great Eastern, Mandiri, and Tokio Marine. It also has professional relationships with Grabkios, JD.ID, PegiPegi, RedBus, Shopee, and Tokopedia.

The Series A investment round was reportedly led by Centauri Fund, a joint venture arm of Kookmin Bank from South Korea and Telkom company from Indonesia states Tech Crunch.

Apart from the aforementioned lead investors, other companies who participated in the said investment round include Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Management, Mirae Asset Sekuritas, and Sequoia India.

Existing investors who continued their support for the fintech firm included Bank Central Asia’s Central Capital Ventura, MassMutual Ventures Southeast Asia, MDI Ventures, Surge, and SeedPlus, notes Tech in Asia.

To address the current climate during the pandemic, Tech in Asia reveals that Qoala has also provided new insurance products to help those affected by the virus and who remain “ineligible per usual insurance plans.”

Following the huge financial surge, the fintech company reportedly plans to grow its business and double its team within a year. As of writing, the firm currently works with 150 people.

It also plans to expand its insurance products and develop more fintech-related goods, such as catering to health-based and peer-to-peer sectors.