BIMA, who is one of the leading providers of digital health and insuranceTech services in emerging markets, has secured $30 million in further investment as the demand for digital health services doubles. COVID-19 is the catalyst behind the surge, with consumers seeking increased access to telemedicine and insurance cover against life and health risks.
Leading Chinese fintech investor CreditEase Fintech Investment Fund (CEFIF) has invested in BIMA for the first time while existing shareholders LeapFrog Investments and Allianz have both increased their investment. The new capital will allow the company to expand its product offering, scale its capabilities as demand continues to increase, and deepen its footprint in Asia and Africa.
Delivering two million tele-doctor consultations to date, BIMA rivals some of the largest digital health providers in the world.
Through its health hub approach, customers have access to a unique set of integrated health services, including health programmes for managing chronic illnesses, discounts at pharmacies and drug delivery. Its innovative health wallet for funding medication-based expenses has also been extended to masks and hand sanitisers during the pandemic.
Gustaf Agartson, founder and CEO at BIMA, said: “The onset of COVID-19 has brought home the value of telemedicine, to help prevent the spread of disease, and the importance of insurance, for peace of mind. Through digital solutions, and a human touch, we’ve been able to serve hard to reach communities with tools and services that bring them a sense of security at such a challenging time."
“The funds we have raised will allow us to expand our operations and further invest in our product offering that will help us scale quickly to meet the unprecedented demand for our services,” Agartson added.
Dennis Cong, Managing Partner at CEFIF is particularly happy about BIMA's integration of microinsurance and tele-doctor services, which he says provides critical coverage to meet the large unmet demand in emerging markets.
"We are very happy to have the opportunity to join this meaningful journey, along with the established leading shareholders, and support the company to grow its business and expand its leadership position in its served markets,” commented Cong.
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