The fresh $50 million investment from LeapFrog propels bolttech’s Series B funding to an impressive total of $246 million, setting a record for the largest Series B round in the insurtech space.
Bolttech plans to channel the $50 million towards enhancing its global growth strategy, especially in emerging markets. The funds will be pivotal in expanding its tech-driven ecosystem, aiming to cater to the insurance and protection needs of the emerging consumer base.
This will aid in bridging the massive $1.8 trillion global protection gap.
Operating in over 30 markets spread across three continents, bolttech’s ecosystem links consumers to customized and affordable insurance solutions through partner platforms.
The company holds a strong footprint in catering to over two million emerging consumers, especially in regions like the Philippines, Vietnam, and Indonesia. Here, insurable assets like devices play a pivotal role in enabling financial services for the unbanked and underbanked segments at reduced costs.
Bolttech and LeapFrog are poised to enhance financial inclusivity by increasing access to vital and affordable insurance. LeapFrog’s expertise in the tech-powered insurance domain in Africa and Asia will be instrumental for bolttech in targeting this burgeoning market.
In a strategic move, Fernanda Lima, Partner and Co-Head of LeapFrog’s Asia Financial Services team, will join bolttech’s Board as a Non-Executive Director. Lima’s vast experience will bolster bolttech’s presence in emerging markets and guide the firm in cultivating a robust ESG strategy.
Rob Schimek, Group CEO of bolttech, expressed his excitement over the partnership, recognizing LeapFrog’s commitment as a testament to bolttech’s unique business model. He stated, “We are committed to ensuring people, especially in emerging markets, get the necessary protection.”
Fernanda Lima remarked on the promising future of the partnership, highlighting bolttech’s significant stance in the insurance sector and shared vision with LeapFrog in making financial solutions more accessible.