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Singapore Life receives investment of USD90m from Sumitomo Life Insurance.

M2 EQUITYBITES-July 2, 2019--Singapore Life receives investment of USD90m from Sumitomo Life Insurance

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Global Banking News - 02 July 2019

(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Singapore Life, a fintech with an insurance and wealth focus, has secured an investment of USD90m from Sumitomo Life Insurance, with Sumitomo acquiring about 25 percent in Singapore Life, The Business Times has reported online citing a press statement from the fintech's CEO.

The latest funding brings Singapore Life's valuation to USD358m, its CEO Walter de Oude reportedly told The Business Times. Sumitomo Life's investment wills now provide the start-up with the funds to expedite its 'mobile-first ambitions,' the report noted.

'Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this - to encourage people to take action on their insurance needs,' de Oude said.

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Publication:M2 EquityBites (EQB)
Geographic Code:9SING
Date:Jul 2, 2019
Words:186
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