Singapore-based online car insurance platform Vouch Insurtech has netted a SGD £1m ($759,360) in funding.
The funding was supplied by Nogle Capital Management, GREE Ventures and a group of unnamed angel investors.
Founded in 2016, the company is a P2P group insurance buying platform that helps to give safe drivers more money back through no-claims bonuses. The company offers up to 15 per cent back through a no-claim-rebate from their insurance providers.
Vouch works by forming groups of policy holders and combining their no-claim rebates in to a single pool, and when someone makes a claim, it is deducted from the collective pot. At the end of a year, the remaining capital in the pot is then distributed out to the group.
The company is hoping to expand its operaiotns across the region, with its primary targets being Thailand, Malaysia and Taiwan.
Vouch Insurtech CEO and co-founder Yujun Chean, said, “In the traditional car insurance model, safe drivers are penalized with paying higher premiums, to cover the risks of unsafe drivers. I realized that this was tremendously unfair, and saw an opportunity to work with insurance companies, to reward safe drivers. Insurance companies also want to encourage their customers to drive safely, as it means fewer claims.”
Earlier in the year, Vouch formed a new partnership with three insurance companies, NTUC Income, Sompo Insurance Singapore and Tokio Marine Singapore.
The Singapore FinTech sector has seen a very active start to the year, with the closing of eight transactions last month. Mobile payments app, SpherePay netted over $10m in its funding last week, while financial infrastructure company tryb Group received $30m the week before.
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