Insurtech Qoala has completed its Series C funding round, garnering $47m, led by PayPal ventures and MassMutual Ventures.

The funding round for Qoala was joined by MUFG Innovation Partners, Ohana Holdings, and existing investors, Flourish Ventures, Eurazeo and AppWorks.

Qoala aims to use the funding to expand across Southeast Asia. It will also aid the firm to intensify its tech-driven initiatives, seamlessly integrate AI across all channels, and boost the experience of customers, agents, and partners.

In addition, Qoala will utilise the funding to explore new products and channels for its agent platform.

Harshet Lunani, founder and CEO of Qoala said, “Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission. Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”

Alexandros Bottenbruch, principal, PayPal Ventures added: “It is commendable to see what Qoala has achieved in a short period of time. By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.”

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Ryan Collins, managing partner of MassMutual Ventures, continued: “We have been extremely impressed by Qoala’s remarkable growth since our first investment in 2019. The team’s consistent hard work and high-performance are evident in their market-leading position. We are proud to continue our support as they continue to redefine industry standards and promote financial inclusion in the region.”

In 2023 alone, Qoala processed over 115,000 claims and reached 45,000 new customers. Its diverse product portfolio and motivated 60,000+ marketers network further contribute to safeguarding its customers’ financial well-being.