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Singapore’s InsurTech Giant Bolttech Considers US IPO to Raise $300M
Singapore-based insurance technology company Bolttech is currently weighing the possibility of an initial public offering (IPO) in the US. According to sources, the Bolttech US IPO could fetch the firm up to $300 million.
People familiar with the matter have noted that Bolttech hopes to raise at least $250 million and has already requested proposals from banks. The expected funding is based on a valuation of $1.6 billion realized from the company’s last funding round. The plan is to launch the IPO sometime next year.
Bolttech IPO and Funding
In May, Bolttech completed a Series B funding round where it raised $196 million. The round was led by insurance group Tokio Marine, with participation from multinational insurance giant MetLife and Khazanah Nasional, Malaysia’s sovereign wealth fund.
In September, Bolttech announced in a press release that investment firm LeapFrog Investments joined the list as a new strategic investor, adding $50 million in a Series B extension. Bolttech said the new total, $246 million, makes the round the largest Series B funding round for an insurtech company.
At the time, Bolttech said the funds were to improve its technology and enhance its talent pool for growth. The funds are also for acquisitions geared at international expansion. Before the round, Bolttech had raised $247 million in a 2021 Series A funding led by Activant Capital Group.
Currently, the company is still deliberating on the IPO and could change several details, including its size and likely timing. Nonetheless, Group Chief Executive Officer Rob Schimek said:
“(We) look forward to strong partnerships that will fuel Bolttech’s continued growth on our path to profitability in 2024.”
Founded in 2020, Bolttech connects customers, insurers, and distributors, helping parties to buy and sell insurance products. The company’s website states that Bolttech is the world’s largest insurance exchange, with $55 billion in annual quoted premiums. The website also says that Bolttech has 6,000 products on its platform, offered by 230 insurers. Furthermore, the exchange boasts more than 700 distribution partners in more than 30 markets across three continents. Bolttech operates in Europe, Asia, and the United States.
Embedded Device Partnership with Allianz
Last week, Bolttech and B2B2C insurance firm Allianz Partners announced a partnership to support businesses looking to add insurance to their existing products. The partnership will provide solutions for embedded device and appliance protection insurance for several kinds of businesses. These include insurers, telecommunication providers, household device and electronic product retailers, and original equipment manufacturers (OEMs).
According to a press release, the partnership makes it easy for customers to buy insurance for several household products and appliances, including mobile phones and other digital devices. The product will be available in the United States and Asia Pacific.
Speaking on the partnership, CEO Schimek said:
“What makes this partnership so exciting is the tremendous opportunity to collaborate with Allianz, one of the world’s leading insurers, to reduce risk for customers in their daily lives and increase financial inclusion in the digital age.”
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Singapore’s InsurTech Giant Bolttech Considers US IPO to Raise $300M
