Singapore Life Holdings (Singlife) is the firm referenced in the article. Japan’s Sumitomo Life Insurance Company increased its stake in Singlife. Sumitomo Life provided a capital injection of about $133 million. The article does not provide operational details, product descriptions, user metrics, or revenue figures for Singlife. No future plans, use of proceeds, or additional financial information were disclosed in the article. Singapore Life is a 100% digital insurance firm whose services include life insurance, family coverage, endowment plans, wealth portfolio services and digital-focused products such as an activity tracker, a chatbot service and flash sales. The company was founded in 2014 by Walter de Oude, secured a license from the Monetary Authority of Singapore in 2017, went live later that year and expanded by acquiring Zurich Life Singapore’s business portfolio. It raised $33M across two investments—$20M from NYSE-listed Aflac Investment and $13M from Aberdeen Standard Investments—bringing total funding to $97M to date, which includes a $50M Series A last year. Both new deals are described as strategic: Aflac has a reinsurance agreement on certain protection products, while Aberdeen is exploring opportunities to bring asset management expertise to a broader regional client base. With the new capital, Singapore Life plans to begin expanding into other Southeast Asian markets and additional verticals over the coming year, though no specific markets were named. The company competes with traditional insurers and digital rivals including CXA Asia, Bowtie and OneDegree. Singapore Life is an insurtech startup led by CEO Walter de Oude and Executive Chairman Ray Ferguson. The company has applied to the Monetary Authority of Singapore for a direct life insurance license and its Series A closing is conditional on that approval. Subject to approval, Singapore Life intends to offer universal life products, standalone term insurance with associated riders, investment-linked plans and wrappers, and endowment assurance. It raised $50m in Series A funding and will use the funds to continue to develop its products. Backers named in the round include Credit China FinTech, which invested US$21.3m through its subsidiary Impact Capital Holdings for an approximately 33.8% stake, and UK-based investment firm IPGL. The company is positioning itself to enter the life-insurance market pending regulatory clearance.

Total raised

$216M

Funding rounds

4

Latest round

Equity

Latest activity

Nov 2023