In recent fundraising deals in Southeast Asia, insurtech startup Fuse has secured Series A funding from EV Growth, while Malaysia-based MyCash announced that it has raised undisclosed funding from 5oo Startups.
Insurtech Startup Fuse secures Series A funding from EV Growth
Fuse, an Indonesia-based insurtech startup, announced that it has secured ‘a couple of million dollars’ in a Series A funding round led by EV Growth, the company said in a statement.
The proceeds from the funding round are aimed to support the company’s expansion into eight cities in Indonesia including Jakarta and increase its current partner base from 15,000 to 100,000 in 2020, said Fuse founder and CEO Andy Yeung.
The insurance products available on its platform cover vehicles, property, travel, health, term life, critical illness, as well as digital insurance like gadgets, cargo liabilities, credit default insurance, among others.
Fuse runs three business models, one of which is a business-to-consumer insurance comparison site. It also works with e-commerce platforms to offer microinsurance products for their respective customers.
Malaysia-based fintech startup MyCash raises funding
Malaysia-based fintech startup MyCash Online said that it has raised an undisclosed amount of funding from early-stage VC firm 500 Startups and Malaysian angel investor Ng Sek San, the company said in a statement.
MyCash will use the proceeds to acquire remittance licenses in Malaysia and Singapore, and also to establish remittance partnerships in Bangladesh, India, Nepal, Indonesia, and the Philippines.
The startup is also currently in talks with existing investors and a few regional VCs to raise between $3 million and $5 million in Series A round to grow its business in the Middle East, especially in the UAE and Saudi Arabia, two countries with substantial migrant population.
MyCash started operations in 2016 in Malaysia and has already performed more than 2.5 million transactions worth about $30 million. The company has served around 100,000 unique migrant workers in Malaysia, Singapore, and Australia.
The startup also collaborated with Bangladesh’s private lender The Premier Bank to strengthen financial inclusion for the unbanked migrant Bangladeshi workers in Malaysia, Singapore, and the Middle East.