Sumitomo Life pumps $122m into start-up S'pore Life

Singapore Life - a fintech firm with an insurance and wealth focus - has secured a US$90 million (S$122 million) investment from Sumitomo Life Insurance, with the Japanese life insurer taking about a 25 per cent stake in it.

The investment brings Singapore Life's valuation to US$358 million, chief executive Walter de Oude said yesterday, and will provide funds for the start-up to speed up its "mobile-first ambitions". In a statement, he said: "Consumers today have access to thousands of financial products and services, yet none is fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this."

Sumitomo Life president and chief executive Masahiro Hashimoto said the investment comes as the group expects rapid growth in the life insurance markets in South-east Asia and Singapore, in particular.

Sumitomo Life's latest investment brings Singapore Life's total funding to date to US$153 million. Earlier this year, Aberdeen Standard Investments took a stake for US$13 million, while US insurer Aflac took a separate equity stake for US$20 million.

In December, British tycoon Michael Spencer - known for UK broker Nex Group - raised his stake in Singapore Life, pumping in a further US$50 million, doubling his then stake to more than 60 per cent.

Singapore Life last year acquired Zurich Life Singapore's $6 billion business portfolio, taking over all the policies of its customers.

A version of this article appeared in the print edition of The Straits Times on July 02, 2019, with the headline 'Sumitomo Life pumps $122m into start-up S'pore Life'. Print Edition | Subscribe