Indonesian InsurTech Qoala scores $65m

Indonesia-based InsurTech startup Qoala has secured $65m in its Series B funding round.

The InsurTech company claims to have grown by 30-times since its Series A in 2020, which closed on $13.5m.

Qoalo distributes retail insurance products to consumers for bike, car, home and health through its omni-channel platform.

The platform expanded into Thailand and Malaysia in 2021. It claims to have acquired over 50,000 insurance marketers and provides a platform supported by over 50 insurers for them to sell insurance from multiple insurers, while managing pre-sale and post-sale services.

It also provides several micro-insurance products through partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo, Investree and others.

Qoala founder and CEO Harshet Lunani said, “We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant.”

The InsurTech company is also looking to hire over 250 employees this year to expand its engineering and product management teams. Furthermore, it hopes to give employees equity compensation and the right to acquire shares in the company.

Fellow Indonesian FinTech platform Akulaku recently raised $100m in a strategic funding round. The company claims to be the largest buy now, pay later and consumer financing platform in the country.

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