Singapore-based InsurTech platform Axinan has secured a Series A funding round led by NSI Ventures.
Linear Ventures and a group of unnamed backers also took part in the investment round.
Launched in 2016, Axinan is a InsurTech platform that helps companies to offer big data and machine learning solutions for online marketplaces and platforms. The real-time risk engine helps businesses to build accurate risk assessments to help a range of different companies and solutions.
The company is set to announce more partnerships within coming months which will support expansion across Southeast Asia, including Malaysia and Hong Kong. The company is also looking to boost its management-level hires in business development, operations, actuarial, commercial and technology positions.
Axinan founder Wei Zhu said, “This is only the beginning. We have ambitions to develop digital insurance products across different verticals such as logistics, health, and travel, and become the region’s leading digital-only insurer.”
Last week, Singapore-based online car insurance platform Vouch Insurtech netted a £1m funding round from Nogle Capital Management and GREE Ventures. The P2P insurance platform lets drivers earn money back from safe driving and making no-claims.
Singapore’s FinTech was dominated by payments and remittance companies, last year, with it picking up around 63 per cent of the capital invested in the country. InsurTechs received a combined total of $85m, which is 9 per cent of the total funding.
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