South Africa-based digital life insurance platform Simply has reportedly bagged an investment from Yellowwoods.
The investment is a ‘significant’ multi-year investment from the firm, according to a report by Coverager. Simply is looking to grow organically across South Africa through its own brand and identifying itself as the key solution for various niches, the article states.
Founded in 2015, the company offers consumers in South Africa with access to family, domestic and group life insurance products. Users can either choose a pre-selected insurance package through the website, or they can customise it by removing cover they do not need.
Its insurance packages for families and domestic include life insurance, disability cover and funeral cover. A user can select life insurance cover for up to a maximum of R 2m (141,000), which will be paid as a lump sum to beneficiaries after a holder dies. An additional R 500 ($35) will be paid monthly, over six months, to help pay for groceries, the company website said.
Last year, Yellowwoods took part in the $1.4m investment into Naked, a fellow South African InsurTech company, last year. The capital was raised to support the launch of the platform into the marketplace.
Earlier in the month, South Africa-based POS and card reader solution Yoco launched a new cash advance service for SMEs. The launch of a new service came hot off the heels of a $16m Series B round which was raised by the company.
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