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PayPal provides $47 million in financing to Indonesian insurance startup Qoala

PayPal Ventures’ latest investment is an Indonesian startup that offers personal insurance products that cover a variety of risks, including accidents, damaged phone screens and ticket cancellations.

Qoala has raised $47 million in a new funding round co-led by PayPal Ventures and MassMutual Ventures, the five-year-old startup said Wednesday. MUFG Innovation Partners, Omidyar Network, and existing backers Flourish Ventures, Eurazeo, and AppWorks also participated in the Series C round, bringing Qoala’s total funding since inception to more than $130 million.

Headquartered in Jakarta, Qoala is an insurance brokerage that partners with top local insurance companies and e-commerce companies to provide customers with personalized and affordable products. It sells insurance through its website and app as well as offline events.

The startup also relies on a network of more than 60,000 employees, which it calls “agents” or marketers, to sell insurance, streamline the claims process through image uploads, and use machine learning to detect fraud by expanding its services to Both customers and insurance companies benefit. Get convenient, cost-effective insurance solutions.

The startup said it processed more than 115,000 claims last year and attracted 45,000 new customers. Qoala also operates in Malaysia, Thailand and Vietnam.

Qoala revealed that its total written premiums have surged 2.5 times since 2022 and that the startup now handles up to 60% of claims internally, without disclosing specific figures.

Qoala co-founder and CEO Harshet Lunani said the new funding “demonstrates the market’s confidence in the startup’s strategy.” “Our mission to democratize insurance remains strong, and with this infusion of new capital, we are better positioned than ever to drive innovation and impact lives and livelihoods,” he said in a prepared statement.

Qoala plans to use the new funding to explore strategic acquisitions and partnerships, as well as promote artificial intelligence across its channels.

“Qoala deserves credit for what it has achieved in a short period of time,” Alexandros Bottenbruch, head of PayPal Ventures, said in a statement.By positioning itself as a consumer-facing platform and the solution of choice for traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address ongoing protection gaps. “

PayPal Ventures is no stranger to Indonesia. It also supported Gojek in 2020.

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