China-based InsurTech platform Yuanbao has reportedly scored $156m in its Series C round.
Source Capital Code served as the lead investor, with commitments also coming from Cathay Capital, Hike Capital, Northern Light Venture Capital, Qiming Venture Partners and Susquehanna International Group, according to a report from Caixin Global.
Yuanbao offers health insurance policies, including accident and cancer coverage, which are available through a mobile app. It reportedly uses big data and AI to help consumers find the best policies for their needs.
Fellow Chinese InsurTech platfrom Waterdrop recently launched its IPO on the New York Stock Exchange. The company offers three core products: mutual insurance, commercial insurance and crowdfunding for illness. Its services take place through a WeChat account to ease communications, with users able to post crowdfunding campaigns, buy insurance policies or make claims.
Funding into the global InsurTech sector has continues to rise each year. A total of $22bn has been invested into the sector since 2017, FinTech Global’s data shows.
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