Turtlefin, the software-as-a-service (SaaS) platform of InsurTech startup Turtlemint, has acquired InsurTech company Last Decimal.
Turtlefin offers end-to-end tech solutions to enable insurance sales and services and digitise through comprehensive technology support for large enterprises.
Founded in 2015, Turtlemint strives to make it easy to understand and buy insurance. The company’s intent is to “demystify” insurance by explaining the jargon in a simple way and providing smart tools to help users make the right choice.
According to a report from VC Circle, Turtlefin acquired Last Decimal to scale up its footprint in the InsurTech space.
Last Decimal provides an API-driven platform BancaEdge to its customers, which are large banks and insurers in India. Its clients can provide insurance to their disparate customer segments by tapping into this platform.
Turtlemint was founded in 2015 by former Quikr executives Mahyavanshi, Anand Prabhudesai and Kunal Shah.
The company has an omnichannel model that it says empowers insurance advisors across the country with digital tools to navigate an otherwise cumbersome offline selling process quickly.
Dhirendra Mahyavanshi, Turtlefin’s cofounder, said, “This acquisition will further strengthen our bancassurance technology offering by making us the clear leader with 16 top banks in Asia present in our clientele and will unlock exponential growth opportunities for us.”
AS Narayanan, chief executive officer of Last Decimal, added, “As an InsurTech player, Turtlefin and Last Decimal have a shared vision of growth for our customers and InsurTech segment. We will generate strong synergies and accelerate innovation through this collaboration, which will enable us to empower the InsurTech growth story in India.”
Last year, Turtlemint raised $120m in a Series E funding round led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. The round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with the company’s other existing investors, bringing the total funding raised to date to $197m.
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