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Fuse bags $25m in series B+ funding
Indonesia’s largest insurance technology (insurtech) company has secured $25 million in a series B+ funding round led by a global fintech fund.
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Fuse CEO Andy Yeung and COO Ivan Sunandar (Fuse/Fuse)
I
ndonesia’s largest insurance technology (insurtech) company, Fuse, has secured US$25 million in a series B+ funding round led by a global fintech fund.
Existing investors also participated, including East Ventures, GGV Capital and the Indonesian conglomerate Emtek Group.
The company has closed its series B extension funding with over $25 million, bringing its three series B funding rounds in the past six months to a total of over $50 million.
Fuse CEO Andy Yeung said the fresh funds would be used to expand to markets across Southeast Asia.
“We believe that digital insurance transformation can help more people get protection with insurance. Hopefully, the insurance penetration rate can increase substantially in the coming years in Indonesia and Southeast Asia,” Andy said in a statement on Monday.
Indonesia’s insurance penetration relative to GDP remains low. In 2020, the insurance penetration rate was only 3.23 percent, data website Statista estimates.
According to the latest data from the Organization for Economic Cooperation and Development (OECD), Indonesia’s insurance spending in 2018 was only 1.79 percent of the country’s GDP, lower than in neighboring Malaysia’s, where it was 4.4 percent, and much lower than the average insurance spending in OECD member countries, where it was 8.92 percent of GDP.
