Singapore-based insurtech startup CXA Group raises US$25m

Singtel Innov8 and HSBC pitched in.

Singapore-based health insurtech platform CXA Group raised US$25m in its latest round of funding from strategic investors like HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica, and Heritas Venture Fund, an announcement revealed. 

Rosaline Chow Koo, founder and CEO, CXA Group said, "These latest investors will become strategic partners, and we will look closely into collaborating in designing customised platform-led solutions for their B2B enterprise customers, and as importantly, the employees of these enterprises.”

CXA Group launched a one-stop, self-service platform that allows employers to give their employees access to a range of health, wealth and wellness offerings, personalised based on the individual's health and life-stage data. Employees can purchase offerings by drawing down on existing insurance policies provided by their employers and using funds that are then released into the platform's eWallet to make transactions cashless, fast and easy.

Through the aggregation, anonymisation and analysis of digitised health and life-stage data, CXA helps employers get to the root cause of their workforces' health issues and design specific interventions such as corporate wellness and disease management initiatives.

CXA Group’s latest funding round follows US$33m in total funding from Series A and B in 2015 and 2017 respectively. Other investors in CXA include B Capital Group, Openspace Ventures, Government-linked strategic investor EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.

Edgar Hardless, Chief Executive Officer, Singtel Innov8, said, "CXA's innovative use of analytics helps its enterprise clients effectively manage their healthcare costs and promote their employees' well-being. We are excited to be an investor in CXA and help with their expansion across Asia."

“With the collective support of banks, insurers, telcos and payroll companies as co-investors, CXA can now accelerate its expansion into new markets and bancassurance channels, while creating new revenue opportunities for these partners' businesses," said Eduardo Saverin, co-founder and partner, B Capital Group, the lead investor in CXA's previous Series B funding round.