Fintech Singapore Life secures US$90m from major Japan insurer

Singapore

SINGAPORE Life - a fintech with an insurance and wealth focus - has secured a US$90 million investment from Sumitomo Life Insurance, with the major Japanese life insurer buying about 25 per cent in the Singapore firm.

The latest fund injection brings Singapore Life's valuation to US$358 million, its chief executive Walter de Oude told The Business Times on Monday, with the investment by Sumitomo Life now giving the startup the funds to speed up its "mobile-first ambitions".

Singapore Life will also move to a new office at 18 Robinson Road, taking up two floors to house some 63 staff now. The staff count is up from 20 in 2017, the startup told BT.

In a press statement, Mr de Oude said: "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."

Masahiro Hashimoto, president and CEO of Sumitomo Life, said the investment comes as the group expects rapid growth in the life insurance markets in South-east Asia and Singapore, in particular.

Sumitomo Life's latest investment brings Singapore Life's total funding to date to US$153 million. Earlier this year, Aberdeen Standard Investments took a stake in Singapore Life for US$13 million, while US insurer Aflac bought a separate equity interest for US$20 million.

In December 2018, British tycoon Michael Spencer - known for making his fortune from setting up UK broker Nex Group - also raised his stake in Singapore Life, pumping in a further US$50 million, doubling his then-stake to more than 60 per cent.

Singapore Life at the start of 2018 acquired the business portfolio of Zurich Life Singapore, taking over all the policies of Zurich Life Singapore's customers. The portfolio amounted to about S$6 billion in coverage for life, critical illness and disability benefits.