Malaysian Insurtech PolicyStreet Finalizes $6M Series A led by Altara Ventures, Others

Batu Caves Kuala Lumpur Malaysia meimei ismail unsplashMalaysia-headquartered Insurtech company PolicyStreet.com reveals that it has finalized a RM 25 million (appr. $6 million) Series A round over two separate tranches.

The Insurtech firm’s recent investment round has been led by Altara Ventures, Auspac Ventures, Gobi Partners, along with contributions from the Leong family of Mah Sing Group (led by business magnate Tan Sri Dato’ Sri Leong Hoy Kum).

PolicyStreet.com has completed an earlier round with contributions from PitchIN, KK Fund and Spiral Ventures, which came during the height of the Coronavirus outbreak in June 2020. It was reportedly the largest amount secured from a Malaysian equity crowdfunding platform.

PolicyStreet’s latest Series A round has been announced after the firm acquired in-principle approval for a combined Reinsurance and General Insurance license from the Labuan Financial Services Authority, which is the financial regulator for Labuan International Business and Financial Center.

PolicyStreet is reportedly the second Insurtech firm to be issued the insurance permit. The license should enable PolicyStreet.com to underwrite reinsurance and general risks as it focuses on further expanding its partnerships and presence in the region.

In 2019, PolicyStreet was notably the only Malaysian Insurtech firm that managed to acquire the Financial Adviser and Islamic Financial Adviser clearance/approval from the reserve bank of  Malaysia, allowing it to work cooperatively with around 40 insurance and takaful platforms in  sourcing, aggregating, customizing and advising clients on various insurance products that addresst thei requirements.

The company’s recent investment round has been finalized after it entered various partnerships to help with expanding operations. PolicyStreet recently began working with Airasia Money, Foodpanda and myTukar

With the capital injection, PolicyStreet.com intends to branch out into other markets in the region, while also updating its technology stack and marketing activities to deal with protection gaps, while offering more options for insurance products (to address the rising demand for all-digital services).

The Insurtech currently offers services to individual users and businesses. It offers customized Employee Benefit, Building and Group Personal Accident insurance. Its clients reportedly include small and large corporations and tech firms.

Yen Ming Lee, Co-Founder and CEO of PolicyStreet.com, stated:

“We are truly proud to have Altara, Auspac, Gobi and the Leong family’s belief in our vision. We are excited to introduce new sachet-based and on-demand insurance products with our new license to power up the digital ecosystem, while continuing to provide value to all our existing customers in South East Asia. With a very seasoned and experienced team of investor partners, PolicyStreet.com is convinced that our new investors will be able to help us grow to be the leading insurtech in the region.”

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