Fintech Singapore Life secures $122m from Sumitomo Life Insurance , Latest Business News - The New Paper

Fintech Singapore Life secures $122m from Sumitomo Life Insurance

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Singapore Life - a fintech firm with an insurance and wealth focus - has secured a US$90 million ($122 million) investment from Sumitomo Life Insurance, with the Japanese life insurer taking about a 25 per cent stake in it.

The investment brings Singapore Life's valuation to US$358 million, chief executive officer Walter de Oude said yesterday, and will provide funds for the start-up to speed up its "mobile-first ambitions".

In a statement, Mr de Oude said: "Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles.

"Singapore Life was founded as a response to this."

Sumitomo Life president and chief executive officer Masahiro Hashimoto said the investment comes as the group expects rapid growth in the life insurance markets in South-east Asia.

Sumitomo Life's latest investment brings Singapore Life's total funding to date to US$153 million. Earlier this year, Aberdeen Standard Investments took a stake for US$13 million, while US insurer Aflac took a separate equity stake for US$20 million.

In December, British tycoon Michael Spencer raised his stake in Singapore Life, pumping in a further US$50 million, doubling his then stake to more than 60 per cent.