Fuse, an Indonesian insurtech startup focusing on agents, said today that it has raised approximately US $25 million in a Series B expansion round sponsored by an unidentified global fintech firm.
The investment included existing investors East Ventures (Growth fund), GGV Capital, eWTP, and Emtek, increasing Fuse’s total capital garnered from Series B to more than US$50 million.
The additional funding comes less than three months after the business received a Series B extension round from a group of investors in September, including Alibaba-backed eWTP Technology. It had previously announced the completion of an undisclosed Series B fundraising round headed by GGV Capital a month prior.
Fuse, based in Jakarta, plans to utilise the additional funds to extend its operations into other Southeast Asian nations. Apart from Indonesia, the company already has operations in Vietnam and China.
Fuse, founded in 2017 by industry veterans Andy Yeung and Ivan Sunandar, aims to close Indonesia’s insurance market’s last-mile trust gap (97 per cent of Indonesians are underinsured for lack of trust in the current system).
The company has chosen an agent-centric business strategy. According to the firm, their mobile software Fuse Pro helps agents/brokers to finalise insurance policies with their consumers quickly and simply.
The firm says that its Fuse Pro mobile app is used by over 60,000 marketers or agencies. Fuse is used by over 40 different types of insurance businesses to supply over 300 insurance products to partners and end consumers.
To boost its general insurance products, Fuse announced a collaboration with Tokopedia in Q3 2021.
Fuse is betting big on the region’s growing middle class, which is predicted to reach 350 million customers with US $300 billion in disposable income by 2021 and is becoming more technologically aware.
