In its Series B funding round, bolttech gained $50m from LeapFrog. The round now totals $246m, the largest ever Series B funding round for an insurtech.
bolttech will use the $50m funding to support its global growth strategy with a focus on emerging markets.
bolttech funding goals for inclusion
In addition, it will expand its technology-enabled ecosystem for protection and insurance for emerging consumers. The funds will accelerate the firm’s goal of enabling the insurance sector to close the $1.8trn global protection gap.
bolttech and LeapFrog will collaborate to promote financial inclusion by improving access to essential and affordable insurance. LeapFrog has an extensive track record to tech-enabled insurance businesses in Africa and Asia will boost bolttech to target its products to this emerging market.
As part of the funding, Fernanda Lima, partner and co-head of LeapFrog’s Asia Financial Services team, will join the bolttech board as a non-executive director.
Rob Schimek, group chief executive officer at bolttech said: “We are thrilled to welcome LeapFrog as our new strategic investor amidst a challenging economic backdrop for insurtechs and fintechs globally. We see LeapFrog’s investment as a strong validation of our unique business proposition as we continue to build a better insurance experience and ensure people, especially those in emerging markets, get the protection that they need. We also welcome Fernanda, who will bring an invaluable depth and breadth of diverse experience to our Board. We look forward to working with her as we achieve our vision of connecting people around the world with more ways to protect the things they value.”
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Fernanda Lima shared: “bolttech has established a strong position within the insurance space with its powerful technology platform and extensive distribution network. bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets. There is so much to be done to close the protection gap, particularly in emerging Asia, Latin America and Africa. It is my privilege to take on this role and I am excited to draw upon my experience and work with the other members of the Board to steer bolttech towards its goals.”