PayPal Invests $47M in Indonesian InsurTech Startup Qoala

PayPal Ventures’ latest investment is in an Indonesian startup that provides personal insurance products covering a variety of risks, including accidents, phone screen damage, and ticket cancellations. Qoala has secured $47 million in a new round co-led by PayPal Ventures and MassMutual Ventures, the five-year-old startup said Wednesday. Qoala, headquartered in Jakarta, is an insurance broker that works with top local insurers and e-commerce firms to offer customers personalized and affordable products. The startup sells these insurance both through its website and app as well as through offline engagements. “It is commendable to see what Qoala has achieved in a short period of time,” said Alexandros Bottenbruch, Principal at PayPal Ventures in a statement.

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.

Avatar photo
Zara Khan

Zara Khan is a seasoned investigative journalist with a focus on social justice issues. She has won numerous awards for her groundbreaking reporting and has a reputation for fearlessly exposing wrongdoing.

Articles: 847

Leave a Reply

Your email address will not be published. Required fields are marked *