CXA bags $25m in its latest funding round

Asia-based health, wealth and wellness service provider CXA Group has secured $25m in its new funding round.

The equity investment was supplied by firms including HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund.

With this burst of funding, the company will look to continue its growth in the Asia-Pacific region and bolster its goal of improving health and wellness for individuals through its health platform.

The company is a self-service platform which empowers employers to give their staff access to a selection of health, wealth and wellness offerings based on an individual’s health and life-stage data. Its AI technology monitors an employee and helps provide them with a more personalised experience.

Employees are able to purchase and manage their insurance policies, better understand health risks, deals on health products such as supplements and gym equipment, among other benefits.

HSBC group head of insurance Bryce Johns said, “CXA is rapidly emerging as a leader in the Health and InsurTech space. It has an innovative platform-led approach to helping companies optimise their health spend through personalised engagement with employees about their physical and financial wellness. We are excited about this investment partnership and the disruptive opportunities it presents.”

CXA has witnessed a strong period of growth, increasing its revenue by 65 per cent in 2018 – this is expected to double in 2019.

The new investment brings the company’s total fundraising efforts to $58m after having raised a Series A in 2015 and Series B in 2017.

Copyright © 2019 FinTech Global

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