Qoala, the omnichannel InsurTech company, has announced the successful completion of its Series C funding round, raising USD 47 million. The investment round was led by PayPal Ventures and MassMutual Ventures, with participation from MUFG Innovation Partners, Ohana Holdings, and existing investors Flourish Ventures, Eurazeo, and AppWorks. This substantial funding underscores investor confidence in Qoala’s mission of driving financial inclusion and expanding its embedded insurance business (B2B2C) across Southeast Asia.
The infusion of capital from the Series C round will empower Qoala to accelerate its growth trajectory and enhance its tech-driven initiatives, particularly in integrating artificial intelligence across all channels. Additionally, Qoala aims to explore new products and channels for its agent platform and pursue strategic acquisitions and partnerships to strengthen its market position in the region.
Harshet Lunani, Founder and CEO of Qoala, expressed gratitude for the support, stating, “Our Series C funding is a testament to the confidence placed in Qoala’s strategy and mission by our exceptional team and investors. With this new investment, we are poised to drive innovation, impact lives, and continue democratizing insurance across Southeast Asia.”
Commenting on the investment, Alexandros Bottenbruch, Principal at PayPal Ventures, praised Qoala’s achievements, saying, “Qoala has positioned itself as the preferred solution for consumer-facing platforms and traditional agents, providing essential tools to bridge the protection gap for consumers across Southeast Asia.”
Meanwhile, Ryan Collins, Managing Partner of MassMutual Ventures, emphasized Qoala’s market leadership and commitment to financial inclusion, stating, “We have been impressed by Qoala’s exceptional growth and dedication to redefining industry standards. We are excited to continue supporting Qoala as they promote financial inclusion in the region.”
Since its Series B funding in 2022, Qoala has achieved remarkable growth, recording a 2.5x increase in gross written premiums and significantly expanding its partnership channels. The company’s focus on profitability metrics and customer satisfaction has driven its success, with up to 60% of claims processed in-house and a growing network of over 60,000 marketers.
Qoala’s impact in Indonesia, evidenced by the processing of over 115,000 claims and acquisition of 45,000 new customers in 2023 alone, underscores its commitment to improving financial well-being and insurance accessibility. The company’s recognition on CB Insights’ Fintech 100 and InsurTech 50 global lists further validates its dedication to innovation and financial literacy.
The latest funding will fuel Qoala’s efforts to enhance agent experiences, operational efficiency, and technological capabilities, advancing its use of generative AI to deliver cutting-edge insurance solutions. With a total capital raised exceeding USD 130 million, Qoala is well-positioned to drive expansion and innovation, supporting its mission to empower individuals and foster a connected insurance ecosystem across borders.