Hong Kong-based OneDegree Group, a leader in digital asset insurance and generative AI-enabled InsurTech solutions, has successfully garnered a significant amount of funding in their recent investment round.
The FinTech firm has concluded its Series B round, amassing a substantial $55m in investments. This impressive financial injection came in light of the company’s strong revenue growth across all its business units, paired with their ground-breaking forays into digital asset insurance and AI-powered InsurTech solutions.
In essence, OneDegree Group has revolutionised the insurance industry through its cutting-edge technology, cybersecurity expertise, and comprehensive understanding of digital assets. Their direct-to-consumer offerings range from pet and home insurance to medical coverage, each product demonstrating the team’s commitment to customer-centric design. Moreover, their distinct digital asset insurance arm, OneInfinity, has made a significant impact since its launch in 2022, having successfully safeguarded numerous virtual asset exchanges, custodians, and asset managers.
The newly secured funds will serve to propel the company’s global expansion, as well as to diversify its product suite and deepen its market reach for direct-to-consumer insurance products. OneDegree Group will particularly focus on its digital assets insurance and InsurTech solutions.
Moreover, the firm has displayed a steady path to profitability, having achieved robust growth in recurring revenue, decreased customer acquisition costs, and a substantially improved loss ratio. This points to the likelihood of the company reaching profitability by the end of 2024.
OneDegree Group co-founder and CEO Alvin Kwock remarked, “We have successfully achieved product market fit, which is testament to the team’s relentless focus on delivering customer-centric products… It is a real seal of approval to receive such strong backing from the market during this challenging fundraising environment. We’re delighted to welcome new investors and strategic partners in this latest closing, alongside our three largest existing institutional investors who also participated.”
The group’s previous investment milestone was its $55m Series B funding round announced in June 2023, cementing its commitment to innovation and industry leadership.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global