International insurtech bolttech welcomed investment firm LeapFrog Investments as a new strategic investor in an extension of its Series B round.
LeapFrog’s $50 mn investment adds to bolttech’s recent Series B funding round, now totalling $246 mn, the largest ever Series B round for an insurtech.
bolttech will use the proceeds from the US$50 million commitment to support its global growth strategy, with a focus on emerging markets, as well as expanding its technology-enabled ecosystem for protection and insurance for emerging consumers.
The proceeds will accelerate the company’s goal of enabling the insurance industry to close the $1.8 trln global protection gap.
bolttech’s leading ecosystem connects tailored and affordable insurance products to consumers via partner platforms in more than 30 markets across three continents. bolttech serves a wide range of customers, including more than 2 mn emerging consumers, especially with its device protection offerings.
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 needRob Schimek, Group Chief Executive Officer, bolttech
In markets such as the Philippines, Vietnam and Indonesia, devices are an important insurable asset that can help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services and increase employment opportunities. Similarly, many other devices, and even climate solutions such as solar panels require insurance and financing to be accessible.
Through the investment, bolttech and LeapFrog will work together to promote financial inclusion by improving access to essential and affordable insurance.
LeapFrog’s extensive track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to this growing market, helping to build social and economic resilience by mitigating everyday financial shocks.
bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth marketsFernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services
As part of the investment, bolttech will appoint Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team to its Board as a Non-Executive Director.
Fernanda’s experience in adding value across LeapFrog’s portfolio of inclusive financial institutions around the world will support bolttech’s emerging market presence and business growth as well as guide the company’s efforts in developing a robust, long-term ESG strategy.
There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa.
by Peter Sonner