BIMA, a provider of mobile-delivered insurance in emerging markets, has secured $38.4 million in funding. The company’s backers include Investment AB Kinnevik, LeapFrog Investments and Millicom, an international telecom and media firm.
STOCKHOLM, 22nd JULY 2015 – BIMA, the leading provider of mobile-delivered insurance in emerging markets, has successfully raised US$38.4 million from its existing shareholders. The investment recognizes BIMA’s impressive growth trajectory and the vast potential of the mobile-delivered financial services market.
In just four years, BIMA has pioneered its disruptive mobile microinsurance model to over 18 million underserved consumers living in emerging markets, with 9 million of those coming on board in the past 12 months. BIMA aims to reach over 750,000 new people each month, and with a number of markets reaching profitability this year, it has plans to bring these disruptive financial and health services to even more countries. The company currently has operations in 14 countries across Africa, Asia and Latin America and employs a workforce of 3,500 people.
The capital will be used to fuel new market entry across the regions as well as scaling BIMA’s disruptive ‘Pay-As-You-Go’ distribution model, in which the company sells direct to the consumer. The investment will also support innovation and product development with a focus on expanding the MFI offering and development of BIMA’s mobile-delivered health services.
CEO Gustaf Agartson said “We are very proud of our success so far, but believe that we are only at the beginning of the BIMA journey. Mobile technology has the power to transform the lives of people living in emerging markets and we remain committed to finding ways to unlock that potential.
This investment will be funding the innovation that has marked BIMA as the leader in the industry and enable us to further scale the business. The unique insight and expertise of our distinctive set of shareholders will be invaluable as we work to bring vital services to the consumers who need them most”.
“As a founding shareholder of BIMA, Kinnevik is committed to supporting its further growth. BIMA’s management team continues to deliver impressive performance, in terms of both growth and impact. In the past year alone, BIMA has opened seven new operations, launching the business in Latin America as well as expanding its presence in Africa and Asia and secured high profile partnerships. BIMA continues to create game-changing new business models that can open up access to insurance on an unprecedented scale”, says Lorenzo Grabau, CEO of Investment AB Kinnevik.
BIMA’s shareholders are:
· Investment group, Investment AB Kinnevik
· Profit with Purpose investor, LeapFrog Investments
· International telecommunications and media firm Millicom
· Global telecommunications provider Digicel Group
· Other investors: Stephan Wilcke, Anders Olsson, Gustaf Agartson and Mathilda Ström
BIMA offers simple, affordable life, personal accident and health insurance services to people living in emerging markets. BIMA currently has operations in Ghana, Tanzania, Senegal, Uganda, Cambodia, Bangladesh, Pakistan, Indonesia, Sri Lanka, the Philippines, Haiti, Papua New Guinea, Honduras and Paraguay.
BIMA is a groundbreaking company that combines the power of mobile technology with a unique approach to consumer education to bring insurance and health to emerging markets. BIMA provides a range of affordable life, personal accident and health microinsurance products. We work with a range of mass distribution partners, including mobile operators, MFIs and banks.
BIMA has over 18 million registered customers and has paid out over 3 million USD in claims to people who need it most. We have operations in 14 markets spread across 3 continents.
Kinnevik is an entrepreneurial investment group focused on building digital consumer businesses in four sectors: Communication, E-commerce & Marketplaces, Entertainment, and Financial Services. Kinnevik works in partnership with talented founders and managers to create, invest in and lead fast growing digital businesses both in developed and developing countries. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families.
Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.
ABOUT LEAPFROG INVESTMENTS
LeapFrog Investments, the world’s largest dedicated private equity investor in emerging markets financial services, is seizing the growth opportunity presented by two billion emerging consumers in Africa and Asia. LeapFrog’s portfolio companies currently provide insurance, savings and pensions products to over 47 million people in countries such as India, Indonesia, Sri Lanka, Thailand, Ghana, Nigeria, Kenya and South Africa. 32 million of these are low-income emerging consumers, most of whom had limited previous access to financial tools. A pioneer in profit-with-purpose investment, the LeapFrog team draws on decades of operational experience to identify and help build extraordinary companies that deliver top-tier financial and social returns. LeapFrog’s distinctive investment strategy has attracted many of the world’s leading institutional investors, and the company now manages over half-a-billion dollars of investor assets. For more information please visit www.leapfroginvest.com or follow LeapFrog on Twitter @LeapFrogInvest.
Millicom is a leading international telecommunications and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing digital lifestyle services to the world’s emerging markets, giving access to the world, primarily through mobile devices. Operating in 15 countries, Millicom offers innovative and customer-centric products. Millicom employs more than 10,000 people and provides mobile, cable, broadband, TV content, online and financial services to over 50 million customers. Founded in 1990, Millicom is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2013 Millicom generated revenue of $5.16 billion and EBITDA of $1.9 billion.
Digicel Group is a leading total communications and entertainment provider with operations in 33 markets in the Caribbean, Central America and Asia Pacific. After 13 years of operation, total investment to date stands at over US$5 billion worldwide. The company is renowned for delivering best value, best service and best network.
Digicel is the lead sponsor of Caribbean, Central American and Pacific sports teams, including the Special Olympics teams throughout these regions. Digicel sponsors the West Indies cricket team and is also the presenting partner of the Caribbean Premier League. In the Pacific, Digicel is the proud sponsor of several national rugby teams and also sponsors the Vanuatu cricket team.
Digicel also runs a host of community-based initiatives across its markets and has set up Digicel Foundations in Haiti, Jamaica, Papua New Guinea and Trinidad and Tobago which focus on educational, cultural and social development programmes.