CXA lands $25m for employee benefits and insurance platform

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fintech insurtech wealthtech regtech ai cybertech esg news

Corporate insurance and benefits platform CXA has raised $25m in its Series B round.

Facebook co-founder Eduardo Saverin’s B Capital Group and Singapore-based investor EDBI co-led the investment.

Life and health reinsurance firm RGA, Philips Healthcare and existing backers NSI Ventures and Bioveda Capital also participated in the round.

The financing reportedly values the firm at $100m.

The Singapore-based company originally launched as a healthcare products marketplace before acquiring the region’s third-largest insurance broker Pan Group.

Now CXA’s platform allow employees to pick and choose the insurance and wellness benefits they want rather than pay a larger sum for coverage they do not need.

The company claims it now serves 500 corporate clients of which 45 are Fortune 500 companies and generate $10m in annual revenue.

CXA says the capital will be used to drive its expansion around Asia.

The company also aims to foster deals with banks and insurers to white label its platform and allow individual access.

Copyright © 2017 FINTECH GLOBAL

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