BIMA secures $30m to drive mass adoption of digital health and insurtech solutions in emerging markets
New investments from CreditEase, Allianz X and LeapFrog will drive product innovation and deepening footprint in Africa and Asia. Company will build on record of two million teledoctor consultations and 35 million insurance and health policies
BIMA, the leading provider of digital health and insurtech services in emerging markets, has secured $30 million in further investment as demand for digital health services doubles. COVID-19 is the catalyst behind the surge, with consumers seeking increased access to telemedicine and insurance cover against life and health risks.
Leading Chinese fintech investor CreditEase Fintech Investment Fund (CEFIF) has invested in BIMA for the first time, while existing shareholders LeapFrog Investments and Allianz have both increased their investment. The new capital will allow the company to expand its product offering, scale its capabilities as demand continues to increase and deepen its footprint in Asia and Africa.
Delivering two million tele-doctor consultations to date, BIMA rivals some of the largest digital health providers in the world. Through its health hub approach, customers have access to a unique set of integrated health services, including health programmes for managing chronic illnesses, discounts at pharmacies and drug delivery. Its innovative health wallet for funding medication-based expenses has also been extended to masks and hand sanitisers during the pandemic.
Gustaf Agartson, founder and CEO at BIMA, said: “The onset of COVID-19 has brought home the value of telemedicine, to help prevent the spread of disease, and the importance of insurance, for peace of mind. Through digital solutions, and a human touch, we’ve been able to serve hard to reach communities with tools and services that bring them a sense of security at such a challenging time.
“The funds we have raised will allow us to expand our operations and further invest in our product offering that will help us scale quickly to meet the unprecedented demand for our services.”
Dennis Cong, managing partner at CEFIF, commented: “We are very impressed by BIMA’s innovative integration of micro insurance and tele-doctor services, which provide critical coverage to meet large unmet demand in emerging markets, and whose value is accentuated further by the current pandemic. We are very happy to have the opportunity to join this meaningful journey, along with the established leading shareholders, and support the company to grow its business and expand its leadership position in its served markets.”
Stewart Langdon, partner at LeapFrog Investments, said: “The market that BIMA is serving is vast and demand for health services is tremendous. BIMA’s unique digital capabilities empower emerging market consumers to access many health and insurance services on a single, easy to use platform. That includes protection for millions of first-time buyers of insurance who would otherwise remain unprotected and at risk.
“Delivering these services to 35 million consumers is an outstanding achievement by Gustaf and his team, but it’s just the beginning of the journey. We’re excited to increase our investment in BIMA as it continues to democratize access to digital health services.”
Dr. Nazim Cetin, CEO at Allianz X, added: “We are happy to continue our partnership with BIMA and jointly deliver telemedicine and remote healthcare services in developing markets. We believe the demand for these services will continue to increase and want to manifest BIMA’s leading position in the market by providing support with our experience and network.”
BIMA is a ground-breaking global company that uses technology to deliver vital, affordable and easy to use insurance and digital health products that millions of people need but have not been able to access through traditional channels. BIMA combines the power of technology with a human approach to offer a unique and unparalleled service to customers in emerging markets across the world. BIMA has revolutionized the healthcare and insurance industry in these markets. In just 10 years BIMA has reached 35 million people in Asia & Africa. https://bimamobile.com/
About CreditEase Fintech Investment Fund
Founded in February 2016, CreditEase Fintech Investment Fund (“CEFIF”) is a venture fund investing in Fintech companies globally. CEFIF has an equivalent of USD 1 billion in the total committed capital. The Fund was named “Top 9 Fintech Unicorn Investors” globally by CB Insights and listed on “Most Active Fintech Investors 2019” by Financial Technology Partners. The fund was also nominated for “Top Fintech Equity Investor” Award at LendIt USA Annual Conference. www.cefintechfund.com
About LeapFrog Investments
LeapFrog invests in exceptional businesses in Africa and emerging Asia, partnering with their leaders to achieve leaps of growth, profitability and impact. Founded in 2007, LeapFrog’s companies now reach 205 million people across 35 countries with healthcare or financial services. LeapFrog companies have also grown on average at over 30 per cent a year from the time of investment. 164 million of the people reached by LeapFrog companies are emerging consumers, living on less than $10 per day. LeapFrog’s companies now provide jobs or livelihoods to over 128,000 people. Inspired by LeapFrog’s strategy of profit with purpose, global institutional investors have committed over US 1.5 billion to the group’s private equity funds. LeapFrog was ranked by Fortune as one of the top five Companies to Change the World, alongside Apple and Novartis, becoming the first private investment firm ever listed. https://leapfroginvest.com/
ABOUT ALLIANZ X:
Allianz X is the digital investment unit of the Allianz Group. Allianz X invests in and partners with digital frontrunners in the ecosystems relevant to insurance. Allianz X is one of the pillars of Allianz’s digital transformation strategy, and provides an interface between Allianz entities and the wider digital ecosystem. https://www.allianzx.com/
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