SINGAPORE (April 27): Singapore Life has raised US$50 million (S$70 million) in Series A funding round led by Hong Kong listed Credit China FinTech Holdings through its subsidiary, Impact Capital Holdings, as well as UK-based investment firm IPGL Limited.
In a Thursday press release, the life insurance startup says this marks the largest-ever Series A funding round by a Singapore-based insurance technology (insurtech) company.
“Credit China FinTech and IPGL bring the best of technology-led business success in support of Singapore Life’s long term strategy. They are experienced trailblazers in fintech and committed to Singapore Life’s long term development and capital needs,” says Walter de Oude, CEO of Singapore Life, of the recent funding round’s investors.
“Having the support of these strong international shareholders attests to the strong confidence in Singapore Life’s strategy, and in Singapore as a financial centre and a destination for global investment,” he adds.
Singapore Life has applied to the Monetary Authority of Singapore (MAS) for a direct life insurance license, and intends to offer universal life products, standalone term insurance with associated riders, investment linked plans and wrappers, as well as endowment assurance.
Based on a filing to the Hong Kong Stock Exchange on Wednesday by Credit China FinTech, Impact Capital has agreed to subscribe for new shares of Singapore Life at US$21.3 million together with Ever Step, a direct wholly-owned subsidiary of Credit China FinTech.
Upon completion of the investment and subscription of new shares by the other co-investors, Impact Capital will hold an approximately 33.8% interest in Singapore Life’s enlarged share capital, and Credit China FinTech will account Singapore Life as an associate.
The investment, which is conditional upon approval from MAS, is expected to complete on or before June 30 this year.