Malaysia’s insurance technology company PolicyStreet has raised $1.8 million in its Series A round while peer-to-peer financing platform CapBay has partnered with the online logistics platform TheLorry.
Malaysia’s PolicyStreet raises $1.8m Series A
Malaysia insurtech company PolicyStreet said Monday it has raised a total of $1.8 million in its Series A round led by return backer KK Fund and joined by Spiral Ventures. The startup also secured funding through the equity crowdfunding platform, PitchIn, as part of the round.
The insurtech company aims to use the funds raised from this round to sharpen its technological capabilities, boost sales and marketing activities and expand into new markets.
In 2019, PolicyStreet obtained the financial adviser and Islamic financial adviser approval from the Central Bank of Malaysia to work with over 35 insurers and offer more than 1,000 insurance products.
P2P platform CapBay partners with TheLorry
Malaysia’s peer-to-peer platform CapBay has partnered with online logistics platform TheLorry to launch the express financing programme for SME lorry drivers.
The facility is aimed to boost access to digital financing solutions for the financially underserved SMEs. Through the collaboration, CapBay can access over 10,000 driver-partners on TheLorry platform.
CapBay (formerly CapitalBay) is a multi-bank supply chain finance and P2P financing platform in Malaysia.
Founded in September 2014, TheLorry is an online logistics platform with operations in Singapore, Malaysia, Indonesia and Thailand. Its investors include KK Fund, Unilever, First Floor Capital, PNB-Inspire, CSV, ADIF and SPH Ventures, among others.