International InsurTech, bolttech, has recently made headlines with its notable partnership with leading impact investment firm LeapFrog Investments.
The partnership witnessed LeapFrog Investments infusing $50m into bolttech’s Series B round. This extension has now skyrocketed bolttech’s total Series B funding to a staggering $246m, marking it the most substantial Series B round in the InsurTech sector to date.
With its remarkable presence spanning over 30 markets across three continents, bolttech’s ecosystem focuses on delivering tailored and affordable insurance products to its vast clientele via strategic partner platforms. Especially prominent in its device protection offerings, bolttech extends its services to over two million emerging consumers.
In countries like the Philippines, Vietnam, and Indonesia, the company plays a pivotal role by making devices, such as mobile phones and solar panels, insurable assets. These, in turn, facilitate financial accessibility for the unbanked and underbanked demographics, aiding them in availing essential services at reduced costs.
This fresh injection of $50m will primarily fuel bolttech’s ambitious global expansion plans, notably in the emerging markets. Additionally, the funds will enhance its tech-backed ecosystem designed to provide protection and insurance for budding consumers. Such endeavours are in alignment with the company’s overarching goal of bridging the $1.8tn global protection gap.
Together, bolttech and LeapFrog aim to champion the cause of financial inclusivity by widening the reach of vital and affordable insurance solutions. Backed by LeapFrog’s impressive track record in tech-oriented insurance businesses, particularly in Africa and Asia, bolttech aspires to tailor its offerings to this burgeoning market.
Furthermore, Fernanda Lima, a prominent figure and Co-Head of LeapFrog’s Asia Financial Services team, will be joining bolttech’s board as a Non-Executive Director. Her extensive experience will be instrumental in amplifying bolttech’s presence in the emerging markets and steering its long-term ESG objectives.
Bolttech Group Chief Executive Officer, Rob Schimek said, “We are thrilled to welcome LeapFrog as our new strategic investor amidst a challenging economic backdrop for insurtechs and fintechs globally.
“We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need. We also welcome Fernanda, who will bring an invaluable depth and breadth of diverse experience to our Board. We look forward to working with her as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
Fernanda Lima shared: “bolttech has established a strong position within the insurance space with its powerful technology platform and extensive distribution network. bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets.
“There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa. It is my privilege to take on this role and I am excited to draw upon my experience and work with the other members of the Board to steer bolttech towards its goals.”
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