Insurtech startup based in Indonesia Fuse announced today that it has secured a $ 25 million Series B renewal round as it plans to move into additional countries such as Thailand and Vietnam in Southeast Asia. The startup has completed three Series B funding rounds in the past six months, bringing the company’s total to over $ 70 million.
The fresh capital was led by an undisclosed global fintech fund with participation from existing investors East Ventures, GGV Capital, eWTP and Emtek.
Founded in 2017, Fuse connects insurance companies with multiple distribution channels and partners to make insurance services accessible and affordable through its technology. Fuse uses mobile applications to offer an agent-oriented service, B2A (Business to Agent / Broker). The Fuse Pro App enables agents and broker partners to maximize choice for their clients. The startup also has B2C and B2B2C (microinsurance and financial institution) that offer digital insurance products for small tickets and sell insurance products to end customers at low cost through partnerships with e-commerce channels such as Tokopedia.
Southeast Asia’s rapidly growing, digitally savvy middle class, expected to grow to 350 million consumers with disposable income of $ 300 billion, makes the region an attractive market for insurtech companies. The pandemic accelerated digital transformation in the insurance industry, one of the most conservative industries. Fuse plans to tap into the vast and as yet unpenetrated insurance industry in other countries in Southeast Asia, where more than 70 percent of the population of Southeast Asia is connected to the internet.
“We strongly believe that the digital insurance transformation can help more people stay covered with insurance, and hopefully the insurance penetration rate can increase significantly in both Indonesia and Southeast Asia in the coming years,” said Andy Yeung, CEO of Fuse.
Fuse claims to currently have more than 60,000 marketers or distributors using the Fuse Pro mobile app. More than 40 insurance companies, including property and life insurance, use the Fuse platform to offer over 300 insurance products for partners or end customers. The company exceeded $ 70 million gross premium (GWP) in the first three quarters of 2021. The company said it has the largest GWP in Indonesia and Southeast Asia.
The company employs over 460 people with offices in Indonesia, Vietnam and China.
“We are very excited to be recognized by a leading global fintech fund that has researched most of the insurtech players in Southeast Asia and has decided to invest in Fuse. We are very excited to gain access and insights from other fintech and insurtech portfolio companies in this global network. The strong interest from global investors confirms our current ecosystem approach – using Fuse’s technology platform to make insurance more accessible to the underserved population of Southeast Asia, ”said Yeong.