Draft:Bolttech

bolttech is a Singapore-headquartered financial technology company, active in more than 35 markets across Asia, Europe, North America and Africa. It operates a technology-enabled insurance exchange, with $50+ billion in quoted premiums annually.

Company history
bolttech was launched in 2020, Rob Schimek, was appointed as the Group CEO. In July 2021, bolttech closed a series A round, initially raising US$180 million. Total funding was later raised to US$247 million. Following the series A funding round, bolttech achieved Unicorn (finance) status. Also in July, bolttech acquired Zurich-based Insurtech B2BB2C platform i-surance, expanding its footprint into European markets. In October 2022, bolttech secured series B investment. Japanese insurance company Tokio Marine invested US$50 million into bolttech. The total funding for bolttech’s series B was US$246 million as of September 2023, with key investors including global life insurance company MetLife, Malaysia’s sovereign wealth fund Khazanah Nasional, and impact investment firm LeapFrog.

Business structure
bolttech provides a cloud computing-powered insurance exchange which connects insurers, distributors and customers to trade insurance products. The exchange platform allows insurance companies to offer products within and beyond their specialisations by partnering with others on the platform. Non-insurance companies are also able to provide coverage for their customers in the same way. The company also provides 5.6 million active device protection policies across Asia and Europe.

Acquisitions
2021 bolttech acquired i-surance, a B2BB2C digital insurance platform. 2022 bolttech acquired Singapore-based AVA Insurance Brokers and AVA Insurance Agency. bolttech acquired majority shareholding in Indonesia-based Axle Asia.

2023

bolttech acquired Poland-based Digital Care.