Qoala Secures $47 Million in Series C Funding Led by PayPal Ventures

The funding aims to expand Qoala's embedded insurance business across Southeast Asia and enhance its technology with AI.

InsurTech Qoala raises $47 million in a Series C funding round led by PayPal Ventures and MassMutual Ventures, aiming to expand its embedded insurance business across Southeast Asia.
The funding will support Qoala's tech-driven initiatives, including the integration of artificial intelligence to enhance customer, agent, and partner experiences.
Qoala, founded in 2018, offers a variety of insurance products through its website, app, and a network of over 60,000 agents, addressing the low insurance penetration rate in Indonesia.
The startup plans to use the funds for strategic acquisitions and partnerships, and to explore new products and channels for its agent platform.
Qoala's recent growth includes processing over 115,000 claims, reaching 45,000 new customers, and a 2.5 times surge in gross written premiums since 2022.