Monday, July 24, 2017

Axiata Digital closes US$16.8m investment in Swedish startup

Axiata Digital, the digital services unit of Malaysian telecom giant Axiata Group, has invested US$16.8 million in Bima, a Swedish insurance technology startup that brings micro insurance services to emerging markets in Asia, Africa and Latin America.

This brings Bima’s total investment to US$75 million to date.

Bima’s other investors are Kinnevik, Milicom (Tigo), LeapFrog Investments and Digicel.

Bima is already working with Axiata to provide access to insurance services in some markets in Asia.

With this latest investment, Bima and Axiata will work together to develop new products, according to Axiata Digital chief executive officer Mohd Khairil Abdullah.

He added that Bima and Axiata will prioritise geographic expansion through new local partnerships that will bring Bima’s life-changing services to millions of families across Asia.

Started in 2011, Stockholm-headquartered insurtech Bima provides affordable insurance and mobile health services to low-income families.

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