PolicyStreet.com raised an earlier round via PitchIN, KK Fund and Spiral Ventures during the height of the COVID-19 crisis in June last year one, the largest amount raised from an equity crowdfunding platform in Malaysia.
The announcement of today’s Series A round also coincided with PolicyStreet.com securing in-principle approval for a combined Reinsurance and General Insurance license from the Labuan Financial Services Authority, the financial regulator for Labuan International Business and Financial Centre.
It is the second insurtech to be granted the insurance license. The license will allow PolicyStreet.com to underwrite reinsurance and general risks as it looks to expand its strategic partnerships and footprint in the region.
In 2019, it was the only local insurtech that received the Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia, enabling it to work with 40 insurance and takaful providers in sourcing, aggregating, customizing and advising customers on the best insurance products that meets their needs.
With the new round of funding, PolicyStreet.com aims to expand into new markets in the region, while doubling down on its technological capabilities and marketing efforts to address protection gaps and provide greater variety of insurance products to meet the growing demands of the digital economy.
Today, the insurtech serves not just end-users but also businesses in providing customized Employee Benefit, Building and Group Personal Accident insurance. Its business clientele includes small to large corporates and technology companies.
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