Insurtech startup Singapore Life clinches $121.8m funding from Sumitomo Life

Its total funding to date has hit $207.09m.

Homegrown wealthtech and life insurance firm Singapore Life secured a $121.8m (US$90m) investment from Japanese firm Sumitomo Life Insurance, in a funding round that brings its total funding to $207.9m (US$153m). Through this transaction, Sumitomo Life acquired approximately 25% of the total shares in Singapore Life.

“Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Now with the backing of Sumitomo Life, in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone,” Walter de Oude, founder and CEO of Singapore Life, said.

Through the funding, Singapore Life eyes to create a connected consumer financial journey and interface, from life insurance to money and wealth management. The investment follows earlier funding rounds from Aflac Incorporated and Aberdeen Asset Management in early 2019.

“We foresee rapid growth in the life insurance markets in Southeast Asia and Singapore in particular,” Masahiro Hashimoto, president and CEO of Sumitomo Life, said.

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