Insurtech closes funding

Indonesia-based insurtech startup Fuse has secured USD25 million of Series B extension round as it plans to enter more countries including Thailand and Vietnam in Southeast Asia. The startup has closed three funding rounds of Series B within the past six months, bringing the company’s total raised to over USD70 million.

The fresh capital was led by an undisclosed global fintech fund with participation from existing investors East Ventures, GGV Capital, eWTP and Emtek.

Launched in 2017, Fuse connects insurance companies with multiple distribution channels and partners to make insurance services accessible and affordable through its technology.

“We deeply believe that digital insurance transformation can help more people get protection with insurance, and hopefully, the insurance penetration rate can increase substantially in the coming years in Indonesia as well as Southeast Asia,” said Andy Yeung, CEO of Fuse.

Fuse claims it currently has more than 60,000 marketers or agent partners using the Fuse Pro mobile app. More than 40 insurance companies, including general and life insurance companies, use Fuse’s platform to offer over 300 insurance products for partners or end customers. The company has exceeded $70 million in gross written premium (GWP) for the first three quarters of 2021. The company said it has the largest GWP in Indonesia and Southeast Asia.

“We are very glad to be recognised by a leading global fintech fund which had looked into most insurtech players in Southeast Asia and decided to invest in Fuse. We are very excited to get access and insights from other fintech and insurtech portfolio companies in this global network. The strong interest of global investors reconfirms our current ecosystem approach – using Fuse’s technology platform to make insurance more accessible for Southeast Asia’s underpenetrated population,” Yeong said.