(Image source: bolttech.)
Global InsurTech firm bolttech (Singapore) has received $50 million from LeapFrog Investments (London) as an extension of its Series B round. This infusion brings bolttech’s Series B round to a total of $246 million, building on an initial Series B investment of $196 million in May 2023 in a portion of the round led by Tokio Marine. As part of the investment bolttech will appoint Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team to its Board as a Non-Executive Director.
“We are thrilled to welcome LeapFrog as our new strategic investor amidst a challenging economic backdrop for InsurTechs and Fintechs globally,” comments Rob Schimek, Group CEO, bolttech. “We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need. We also welcome Fernanda, who will bring an invaluable depth and breadth of diverse experience to our Board. We look forward to working with her as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
bolttech’s ecosystem lets consumers access tailored and affordable insurance products via partner platforms in more than 30 markets across three continents. The firm serves a wide range of customers, including more than two million emerging consumers, with an emphasis on device protection coverage. A statement on the extension to the Series B round notes that, in markets such as the Philippines, Vietnam and Indonesia, devices are an important insurable asset that can help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services and increase employment opportunities. Similarly, many other devices, and even climate solutions such as solar panels require insurance and financing to be accessible.
bolttech says it will use the $50 million commitment from LeapFrog to support its global growth strategy, with a focus on emerging markets, as well as expanding its technology-enabled ecosystem for protection and insurance for emerging consumers. The company says the funding will accelerate the its goal of enabling the insurance industry to close the US$1.8 trillion global protection gap.
Building Social and Economic Resilience
Per the terms of the investment, bolttech and LeapFrog say they will work together to promote financial inclusion by improving access to essential and affordable insurance. The statement says that LeapFrog’s extensive track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to this growing market, helping to build social and economic resilience by mitigating everyday financial shocks.
“bolttech has established a strong position within the insurance space with its powerful technology platform and extensive distribution network,” comments Lima. bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets. There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa. It is my privilege to take on this role and I am excited to draw upon my experience and work with the other members of the Board to steer bolttech towards its goals.”