YuLife, the tech-driven financial services brand on a mission to inspire life, recently announced that funds and accounts advised by T. Rowe Price Associates, Inc. have joined as investors in the company, “having participated in YuLife’s recent Series C funding round.”
The investment, along with YuLife’s existing investors, will “support the company in its planned expansion into the U.S. market.”
In July 2022, YuLife raised “a $120M Series C led by Dai-ichi Life, bringing the company’s total funding to $206M since its foundation in 2016.”
YuLife claims it has “grown rapidly in an industry slow to innovate and is reshaping financial services by putting life first and inspiring people to live their best lives every single day.”
Following this latest investment, YuLife plans “to expand its operations to new markets and broaden its offering to encompass more types of financial and insurance products, tailored to individuals’ needs.”
Sammy Rubin, CEO and Founder, YuLife, said:
“We are thrilled to welcome the T. Rowe Price investors, who will support our continued development along with our existing investors. Since the very beginning, YuLife has sought to fundamentally change the nature of life insurance by providing life-enhancing experiences, and our investors have been instrumental in getting us to where we are today.”
Zenon Voyiatzis, investment analyst at T. Rowe Price, remarked:
“YuLife has distinguished itself from others through its ability to grow rapidly while still keeping up with dynamic market demands, coupled with a customer-centric mentality. It is clear to us that businesses and employees see both short- and long-term benefits from using YuLife’s products.”
As noted in the update, YuLife is “a tech-driven financial services brand on a mission to inspire life and turn financial products into a force for good.”
By harnessing the power of technology and the latest behavioural science, YuLife’s insurance model “focuses on risk prevention, not just claims compensation.”
The company is “transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial wellbeing and helping foster healthier, happier and more motivated teams.”
Founded in 2016, YuLife is “headquartered in London and backed by global insurers and venture capital.”
Founded in 1937, T. Rowe Price is “a global investment management organization with US$1.3 trillion in assets under management as of 31 August, 2022.”
The organization provides “a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries.”
The company also “offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.”