PayPal Ventures Invests in Indonesian Startup Wednesday, July 21, 2021
PayPal Ventures, known for supporting innovative businesses, has just announced its latest investment in Qoala, an Indonesian startup providing personal insurance solutions for various risks.
“Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.” – Harshet Lunani, co-founder and CEO of Qoala
Qoala has secured a whopping $47 million in a new round of funding, co-led by PayPal Ventures and MassMutual Ventures. Other participants in the Series C funding round include MUFG Innovation Partners, Omidyar Network, Flourish Ventures, Eurazeo, and AppWorks. With this latest round, Qoala’s total funding now exceeds $130 million since its founding five years ago.
Headquartered in Jakarta, Qoala operates as a broker for personalized and affordable insurance products in partnership with top local insurers and e-commerce companies. Customers can purchase insurance policies through Qoala’s website, app, or through offline methods.
- 115,000 claims processed last year
- 45,000 new customers acquired
The startup boasts a network of over 60,000 “agents” or marketers who play a crucial role in selling insurance products. In addition to its dedicated workforce, Qoala utilizes machine learning technology to simplify the claims process and detect fraud, ultimately benefiting both the customers and insurers.
“By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.” – Alexandros Bottenbruch, Principal at PayPal Ventures
In a statement, Qoala’s co-founder and CEO, Harshet Lunani, expressed his enthusiasm about the new investment and the company’s future plans. He stated that the funds would be utilized for strategic acquisitions, partnerships, and implementing AI across all channels.
Qoala’s growth is evident, with its gross written premiums increasing by 2.5 times since 2022, and it now handles up to 60% of all claims internally, although exact numbers were not disclosed.
It is worth noting that PayPal Ventures has previously invested in other Indonesian companies, such as Gojek in 2020. With this new investment in Qoala, it is clear that PayPal Ventures sees great potential in the Indonesian market and is committed to supporting its growth and development.
