Dealflow | April 21, 2017

BIMA raises $38.4 million for mobile microinsurance in Africa, Asia and Latin America

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BIMA has raised $38.4 million for mobile microinsurance in Africa, Asia and Latin America.

The four-year-old company now serves 18 million people in 14 countries with plans to reach 750,000 more customers per month with its mobile-delivered life, personal accident and health insurance services.

“BIMA continues to create game-changing new business models that can open up access to insurance on an unprecedented scale,” said Lorenzo Grabau of AB Kinnevik, a founding shareholder of BIMA.

In thepast year, BIMA, based in Stockholm, launched in Latin America and expanded services in Asia and Africa, adding nine million customers in Ghana, Tanzania, Senegal, Uganda, Cambodia, Bangladesh, Pakistan, Indonesia, Sri Lanka, the Philippines, Haiti, Papua New Guinea, Honduras and Paraguay.

Alongside AB Kinnevik, other existing investors — including Leapfrog Investments and two international telecom companies — joined the Series C round. BIMA expects to turn a profit this year.