The insurtech startup Fuse announced it has secured $25 million of Series B extension round. The company plans to enter more countries including Thailand and Vietnam in Southeast Asia. The startup has closed three funding rounds of Series B within the past six months, bringing the company’s total raised to over $70 million.

The capital was led by an undisclosed global fintech fund with participation from existing investors East Ventures, GGV Capital, eWTP and Emtek.

Fuse uses mobile applications to offer an agent-focused service, B2A (Business to Agent/ Broker). Fuse Pro app enables agents and broker partners to maximize choices for their customers. The startup also has B2C and B2B2C (micro insurance and financial institute), which provides digital small-ticket size insurance products, distributing insurance products cost-effectively to end customers by partnerships with e-commerce channels like Tokopedia. Andy Yeung, CEO of Fuse said:

“We deeply believe that digital insurance transformation can help more people get protection with insurance, and hopefully, the insurance penetration rate can increase substantially in the coming years in Indonesia as well as Southeast Asia.”

The company has exceeded $70 million in gross written premium for the first three quarters of 2021. The startup has the largest GWP in Indonesia and Southeast Asia.

Fuse has over 460 employees, with branch offices in Indonesia, Vietnam, and China.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , ,