Sumitomo Life Buys 25% Stake in Singapore Life for US$ 90 Millionby Fintech News Singapore July 1, 2019
Singapore Life seems to be a on a streak, as they raise yet another round funding this year. In this round, the homegrown insurtech company secure US$ 90 Million investment from Sumitomo Life Insurance company.
Through this transaction Sumitomo Life acquires approximately 25% of the total issued and outstanding shares in Singapore Life, and is geared toward supporting the latter’s expansion plans in offering connected, insurance-led financial services for people in Singapore and beyond.
Singapore Life is an independent homegrown company fully licensed by the Monetary Authority of Singapore (MAS) as a life insurance company since 1970.
The company aims to address the inconvenience consumers face having to use multiple providers and platforms to access their financial services, and the inertia felt by many in making financial decisions. According to press release, the investment by Sumitomo Life now enables Singapore Life to further accelerate its mobile-first ambitions.
Mr Walter de Oude, Founder and Chief Executive Officer of Singapore Life shared,
“Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs. Now with the backing of Sumitomo Life in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone.”
Mr Masahiro Hashimoto, President and Chief Executive Officer of Sumitomo Life, commented:
“We foresee rapid growth in the life insurance markets in Southeast Asia and Singapore in particular. We are excited to support Singapore Life’s growth by participating in the company as a long-term strategic investor.”
Singapore Life today offers its customers a suite of term insurance, universal life, critical illness and endowment plans with competitive product rates. In line with its plans to introduce more connected financial services to the market, the company will launch digitally-enabled products and services that integrate savings, investment and protection for everyone.
Sumitomo Life joins Singapore Life’s other core investors Aberdeen Standard Investments, Aflac Incorporated and IPGL (Holdings) Limited, and this investment brings Singapore Life’s total funding to date to a total of USD $153m in funding to-date. With this Singapore Life joins the ranks of other regional tech-first companies as one of the top funded homegrown fintech companies in Singapore.