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PayPal backs Indonesian insurance startup Qoala in $47M funding
PayPal Ventures' latest investment is in an Indonesian startup that provides personal insurance products covering a variety of risks, including accidents, PayPal's latest investment is in Qoala, an Indonesian startup that provides personal insurance products covering a variety of risks.
Qoala revealed that its gross written premiums have surged by 2.5 times since 2022, and the startup now handles up to 60% of all claims internally, though it did not disclose exact numbers. “Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods,” he said in a prepared statement. “By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.”
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