PolicyStreet, a Malaysian insurance technology company, has raised $15.3 million in a series B funding round that was steered by the regional sovereign fund Khazanah Nasional Berhad. The fund’s 6-billion-ringgit (US $1.3 billion) Dana Impak mandate was used to make this investment.
With its in-house underwriting capabilities, PolicyStreet aims to increase the accessibility and affordability of insurance products for both consumers and businesses.
The company was established in 2016 by Wilson Beh, Yen Ming Lee, and Winnie Chua. Its partners include Shopee Malaysia, Foodpanda Malaysia, and Carsome. Through these partnerships, PolicyStreet is able to provide its services to members of the gig economy.
Khazanah Nasional Berhad was the lead investor. Other investors included Altara Ventures, Gobi Partners, Spiral Ventures (IMJ Investment Partners)
Since its inception, the company has worked with more than 50,000 SMES and 500,000 gig workers who fall under the Bottom 40% (B40) classification. B40 households are those in Malaysia with an annual income of less than $1,055.
Within the next five years, PolicyStreet hopes to connect with 300,000 SMEs and 2.5 million gig workers overall.
The company plans to increase on-demand underwriting policies and strengthen its tech and underwriting system with the new funds.
Wilson Beh, the co-founder of the organization, was chosen to lead the Fintech Association of Malaysia committee in 2022–2033.