FFG’s insurtech platform continues to pay dividends as record growth accelerates
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The Fatberry insurtech platform is building a dominant position in digital insurance services for the Malaysian market.
For tech venture Fatfish Group (ASX:FFG), the last 12 months have confirmed the success of its M&A to build a fast-growing fintech network serving south-east Asian markets.
This morning, it provided another strong update on Fatberry – its insurance-technology comparator platform that booked surging growth through the first quarter of this year.
The most recent figures show Fatberry booked revenues of $408,792 in May – a new record high and almost triple the amount of the previous record in January.
The latest update follows on from FFG’s March announcement, where it flagged an $800,000 capital raise which would be deployed to drive a push into the insurance market for motor vehicles.
Along with strong growth in its insurance division, Fatberry CEO John Tan also flagged positive macro trends in the region that bode well for further growth in the years ahead.
With its acquisition of Fatberry, FFG’s strategic rationale was to try and capitalise on the increasing digitisation of the south-east Asian economy, amid rapidly changing patterns in consumer behaviour.
Insurance is one of the industries at the forefront of that shift, which leaves Fatberry’s insurtech platform well-placed to drive growth as a leading comparator site for digital insurance plans.
In Malaysia alone, the online market for insurance grew to be worth $2.7bn in 2020, FFG said, citing industry research from the Motor Intelligence group.
In that context, Fatberry is “growing fast, and our execution capabilities over the past few months have been outstanding”, Tan said.
“We will continue to work towards a dominant leadership position in the digital insurance market space we are in.”
The company is upgrading product development to improve the user experience through its website interface.
And as more users come to the platform, Tan is leveraging the Fatberry brand’s popularity to pursue additional partnerships with different insurance providers to broaden the availability of different coverage options.
As an example, the group is currently in advanced discussions with a new partner to expand from vehicle insurance into medical insurance.
With gross insurance premiums now averaging well above MYR$1m per month through April and May, Fatberry is the latest success story in FFG’s suite of leading fintech brands.
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.