London-based personal fairness company IPGL has introduced that it’ll increase its stake in Singapore Life, a virtual start-up which is also Singapore’s quickest rising lifestyles corporate.
IPGL, a non-public funding corporate of City of London veteran Michael Spencer, has got an additional 33.8% stake within the corporate from Chong Sing Holdings, the Hong Kong-based monetary staff, for $52.7m, valuing the corporate as a complete at US$156m. This brings its overall retaining, including its authentic funding, to 63.2%.
The transaction has been licensed by means of the MAS.
The funding suits with IPGL’s means of making an investment in top enlargement FinTech companies and supporting them via their building. As a part of the transaction IPGL has indicated that it could be ready to put money into additional funding rounds as Singapore Life expands.
Singapore Life, which began operations remaining year, is the first unbiased lifestyles insurance coverage corporate absolutely approved by means of the MAS since 1970, and it’s indexed by means of KPMG as one of the crucial best 100 FinTech companies on this planet. Singapore Life was once created out of a necessity for insurance coverage and wealth products and services that leverage era to create higher buyer worth and revel in.
Singapore Life already supplies quilt of greater than S$6.6bn ($4.8bn) in lifestyles insurance coverage so far. The corporate operates solely digitally, enabling consumers to use at once for lifestyles insurance coverage coverage in mins and to regulate their insurance policies on both their desktops or cell gadgets. It additionally uses this era to offer advisers with an effective platform from which to advise their purchasers.
Mr Walter de Oude, Singapore Life’s founder and CEO, stated, “I am delighted with this investment and commitment by IPGL, which demonstrates significant confidence in Singapore Life and our success to date. I am looking forward to continuing to work with Michael Spencer and his team to fulfil our company’s enormous potential.”
Mr Spencer added, “We are extremely impressed by what Walter and his team have achieved in a short space of time and pleased that the opportunity arose to increase our investment in Singapore Life. This is exactly the type of disruptive business we like to invest in, one that is making full use of technology to deliver key financial services to customers.”