LAHORE: Bima, a seller of microinsurance services which includes Pakistan among its fourteen markets has raised $96.6 million in strategic investment from insurance giant Allianz’s, digital investment unit.
Pakistan is among Bima’s biggest markets alongside Bangladesh, Sri Lanka and Ghana and has 24 million customers across the globe in Africa, Asia and Latin America.
The investment will help Bima to expand its portfolio of its current products which include accident, health and life insurance and a tele-doctor service, reported TechCrunch.
Bima uses a mobile-delivered insurance model in which customers can pay for insurance via deduction of prepaid airtime credit. This groundbreaking approach leverages Bima’s proprietary Mobile Insurance Platform, which integrates with mobile operators’ existing tech infrastructure.
Out of this $96.6 million funding, $30 million is in equity and rest is for secondary transaction to acquire shares from LeapFrog. This happened at a pre-money valuation of $260 million and Bima now has a post-money valuation of $260 million, said its deputy CEO Mathilda Strom in an interview.
The company is headquartered in Stockholm and London.
