InsurTech provider Peak3 secures $35m in Series A led by EQT

InsurTech provider Peak3 secures $35m in Series A led by EQT

InsurTech provider Peak3, formerly known as ZA Tech, has raised $35m in a Series A funding round led by EQT, with participation from Alpha JWC Ventures.

The $35m investment will support Peak3’s expansion in the EMEA region and its investments in data and AI solutions. This fundraising effort saw contributions from EQT, a major global technology investor, and Alpha JWC Ventures, a leading venture firm in Southeast Asia.

Peak3, founded in 2018, is a next-generation insurance core system SaaS provider. The company has developed a cloud-native, modular insurance core and distribution system catering to life, health, and property and casualty (P&C) insurance. It has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich, as well as digital platforms like Carro, Grab, Klook, and PayPay.

With the new funding, Peak3 aims to advance its analytics and AI capabilities towards an intelligent core insurance solution. The company plans to grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.

Additionally, Peak3 has recently achieved several key milestones, including launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding to Peak3 coincides with the issuance of over a billion insurance policies on its systems, including the first policies issued to North American and African customers.

Peak3 Group CEO and Co-Founder Bill Song said, “We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry. Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”

Clara Ho, Partner at EQT, said, “”Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network.”

Keep up with all the latest FinTech news here.

Copyright © 2024 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.