Fintech investments may have dropped across Asia but over in Singapore, investment rounds seem to keep getting bigger and bigger.
Insurtech firm Singapore Life announced today it has raised a blockbuster US$50 million for its series A round.
Investors include Impact Capital Holdings, a subsidiary of Credit China Fintech Holdings. CCFH is a Hong Kong-listed group “with a focus on providing 24/7 online financial services to SMEs, merchants, and individuals in China and Asia through internet and mobile solutions.”
IPGL, a U.K.-based private equity firm, was revealed to be also in the mix, though how much the firm was valued during the round was not divulged.
Singapore Life’s depth charge of a Series A is reportedly one of the country’s largest, and may be even among Southeast Asia’s biggest. To put things into perspective, Tech in Asia notes that the median disclosed Series A round in 2016 was a relatively measly $3 million – this one’s nearly 17 times bigger.
There have been larger rounds in the region though; Antuit’s $56 million monster of a fundraise is one, and Qoo10’s $82 million titan round is another.
At any rate, the immensity of the round is made doubly startling by how low-profile Singapore Life is. Other than a LinkedIn page and website that refuses to load, the company barely has any interweb footprints. According to LinkedIn page though, the firm has under 50 employees, was founded in 2014, and provides “state of the art, long-term life and savings solutions for customers who value safety and security.”
Photo: Bernard Spragg. NZ