Indonesian InsurTech Fuse bags Series A

Indonesian online insurance platform Fuse has reportedly closed a Series A investment to support expansion.

EV Growth was among the investors, according to a report from Tech in Asia. The value of the investment was not disclosed; however, it was “a couple of million dollars.”

The fresh funds will be used to expand its presence into eight more cities in Indonesia, including Jakarta, it said. Additional plans are to grow its partner base from 15,000 to 100,000 by 2020.

Fuse is a mobile-based app which helps consumers to compare insurance policies from across the market. Through the platform, a user can search for insurance policies including car, motorcycle, life, travel, health, property and object insurance.

The InsurTech helps compare policies from more than 20 insurance firms, including HARTA General Insurance, Asuransi MAG, malacca trust insurance, and Zurich.

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