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Insurtech Qoala secures USD47m, aims to democratise insurance in SEA


Indonesia’s Qoala has secured USD47m in Series C funding led by PayPal Ventures and MassMutual Ventures, with participation from MUFG Innovation Partners, Ohana Holdings, and others, raising its total capital to over USD130m. The insurtech firm plans to enhance its AI capabilities for improving customer service and operational efficiency and to develop advanced tools for insurance underwriting, claims processing, and fraud detection. Founded in 2018, Qoala has expanded across Southeast Asia, processing over 115,000 claims and adding 45,000 new customers in 2023. Following 2.5 times growth in gross written premiums since its Series B round, the company aims to bridge the insurance gap in the region, leveraging the new funds to further its mission of democratising insurance.

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