FFG flags explosive growth for Malaysia-based insurtech platform as sales surge 6,800pc
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Special Report: FFG is now exploring potential synergies between insurance technology and its Singapore-based BNPL platform.
Tech venture group Fatfish Group (ASX:FFG) is reaping the rewards of its multi-channel fintech strategy, after reporting booming growth from its insurtech subsidiary this morning.
A direct-to-consumer online insurance marketplace, Malaysia-based Fatberry.com provides pricing and product details for customers to compare online insurance products.
In just eight months since its launch in June 2020, the platform is already booking monthly revenues of $175,000 – equivalent to month-on-month growth of more than 100 per cent.
Since launch, that amounts to rocketing top-line revenue growth of around 6,800 per cent.
Through partnerships with 11 different Malaysian insurance providers, the service has “transformed the way consumers purchase insurance products”, FFG said.
And accompanying the strong revenue data, Fatberry.com also raised a new Series A funding round of $800,000 to finance its next stage of growth.
FFG participated in the funding around, as did its venture partner, the Swedish-based tech company Abelco. Both companies financed the investment from their available pool of working capital.
The funding will be used to further develop the Fatberry.com product offering, as well as a scale-up of its marketing and branding efforts, FFG said.
In discussing the investment, FFG Group CEO Kin W. Lau said the insurtech platform has now established a first-mover advantage in what is now an “unstoppable macro trend” across south-east Asian markets.
“Consumers are going to prefer to purchase insurance on digital platforms,” Kin said.
He added that FFG now has an opportunity to develop synergies between Fatberry and Smartfunding – its licensed Singapore-based financial services business that’s focused on building out a BNPL platform serving key south-east Asian markets.
The strong market update is more evidence of the FFG team’s ability to execute on a multi-channel investment approach, financing new tech solutions for the high-growth Asian economy.
This article was developed in collaboration with Fatfish Group, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.