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Emerging markets-focused provider of mobile-based micro-insurance BIMA has raised US$38.4-million in Series C funding from its existing shareholders.
According to BIMA, the capital will be used to fuel new market entry across the regions as well as scaling its ‘Pay-As-You-Go’ distribution model, in which the company sells direct to the consumer.
The company says that the investment will also support innovation and product development with a focus on expanding the MFI offering and development of BIMA’s mobile-delivered health services.
According to a press release sent to Ventureburn, BIMA provides micro-insurance to more than 18 million underserved consumers living in emerging markets, with 9 million of those coming on board in the past 12 months.
BIMA aims to reach over 750 000 new people each month, and with a number of markets reaching profitability this year, it has plans to bring these disruptive financial and health services to even more countries. The company currently has operations in 14 countries across Africa, Asia and Latin America and employs a workforce of 3 500 people.
“We are very proud of our success so far, but believe that we are only at the beginning of the BIMA journey,” said BIMA CEO Gustaf Agartson. “Mobile technology has the power to transform the lives of people living in emerging markets and we remain committed to finding ways to unlock that potential”.
“This investment will be funding the innovation that has marked BIMA as the leader in the industry and enable us to further scale the business,” he added. “The unique insight and expertise of our distinctive set of shareholders will be invaluable as we work to bring vital services to the consumers who need them most”.
BIMA currently has operations in Ghana, Tanzania, Senegal, Uganda, Cambodia, Bangladesh, Pakistan, Indonesia, Sri Lanka, the Philippines, Haiti, Papua New Guinea, Honduras and Paraguay. The company’s investors include AB Kinnevik, LeapFrog Investments, International telecommunications and media firm Millicom, and Global telecommunications provider Digicel Group.