PayPal Ventures, the global corporate venture arm of PayPal has recently put money into Qoala, a start-up in Indonesia that offers different types of personal insurance, like coverage for accidents, phone damage, and canceled tickets, news platform TechCrunch reported.
Qoala, got $47 million from PayPal Ventures and MassMutual Ventures, along with other investors.
The Indonesian start-up acts like a middleman between customers and insurance companies in Indonesia. They make it easier for people to buy insurance through their website or app, and they also have people who sell insurance in person.
The company uses technology to make the process of making claims easier and to spot any fraud. Last year, they helped over 45,000 new customers and processed a lot of insurance claims. Qoala is not just limited to Indonesia; they also operate in Malaysia, Thailand, and Vietnam, the report added.
The report further added that Qoala recently shared that its insurance sales have grown by 2.5 times since 2022, and they now handle about 60 per cent of claims internally, although they didn't give specific numbers.
Harshet Lunani, Qoala's co-founder and CEO, stated that this new funding reflects confidence in the company's approach. He emphasised their goal to make insurance more accessible and mentioned plans to use the money for strategic partnerships, acquisitions, and integrating AI into their operations.
Alexandros Bottenbruch from PayPal Ventures praised Qoala's achievements and highlighted their role in bridging the insurance gap in Southeast Asia. PayPal Ventures has previously invested in Indonesian start-ups like Gojek in 2020.
