In a world where financial inclusion is still a distant dream for many, Qoala’s recent Series C funding of USD 47 million is a ray of hope. The funding round was led by PayPal Ventures and MassMutual Ventures, with participation from MUFG Innovation Partners, Ohana Holdings, Flourish Ventures, Eurazeo, and AppWorks. This investment is a testament to Qoala’s mission of democratizing insurance and driving financial inclusion across Southeast Asia.

Qoala is an omnichannel InsurTech that offers embedded insurance solutions (B2B2C) to consumers across Southeast Asia. With the latest funding, Qoala plans to expand its business and intensify its tech-driven initiatives. The company aims to integrate artificial intelligence across all channels to enhance the experience of customers, agents, and partners. Qoala also plans to explore new products and channels for its agent platform, accelerate growth through strategic acquisitions and partnerships, and strengthen its leading market position in the region.

Qoala’s founder and CEO, Harshet Lunani, expressed his gratitude towards the investors and the company’s exceptional team. He said, “Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”

Qoala’s impressive growth since its Series B fundraise in 2022 is a testament to its commitment to sustainable financial performance. The company has recorded a 2.5x growth in gross written premiums and currently processes up to 60% of total claims in-house, while delivering market-leading customer satisfaction. Qoala’s diversified partnership channels have significantly expanded its business partners, contributing to its profitability metrics that have continued to trend upwards.

Qoala’s agent platform has improved insurance accessibility and claim resolution for Indonesians within just four years. In 2023 alone, Qoala processed over 115,000 claims and reached 45,000 new customers. Its diverse product portfolio and motivated 60,000+ marketers network further contribute to safeguarding its customers' financial well-being. Through nationwide presence and impactful initiatives, the platform simplifies insurance and empowers individuals across Indonesia, making a significant societal impact.

Qoala’s emphasis on financial inclusion has been recognized by CB Insights, which named Qoala to its Fintech 100 and InsurTech 50 global list in 2023. The company’s mission of improving lives has gone beyond product innovation and distribution to being a strong advocate of financial literacy across various offline and online platforms.

At Riskwolf, we understand the importance of financial inclusion and the role of insurance in achieving it. With our unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. We believe that parametric insurance can play a significant role in driving financial inclusion, and we are committed to working with insurance builders to develop parametric insurance solutions that meet the needs of their customers.

To learn more about Qoala’s Series C funding, visit the original article at FF News. To explore how Riskwolf can help you turn real-time data into insurance, get in touch with us today.