BIMA Announces $107 Million Financing Led by Allianz X

BIMA, the microinsurance provider in emerging markets, announced a $107 million financing including a $30 million growth round. The financing is led by a $96.6 million investment from Allianz X, the digital investment unit of the Allianz Group, with participation from Kinnevik, BIMA’s lead shareholder.

“Our investment in BIMA underscores Allianz’s commitment to digitalization, supporting the growth strategy of the Group in emerging economies, as well as enabling us to serve the so-called ‘next billion customers'” – Oliver Bäte, CEO of Allianz SE.

BIMA’s technology delivers convenient and affordable insurance and health products to emerging markets customers who cannot access them through traditional channels. Its business model combines mobile technology, partnerships with mobile operators and a dedicated 3,500-person salesforce to achieve scale and profitability. Since launching in 2010, BIMA has scaled operations in 14 countries across Africa, Asia and Latin America and has 24 million registered customers to date.

“Allianz is the perfect insurance partner and investor for BIMA because of their strong commitment to emerging markets and our overlapping footprint . Allianz’ significant expertise and knowledge in the insurance space will enable BIMA to improve our product portfolio and provide valuable products to the emerging market consumers” – BIMA founder and CEO, Gustaf Agartson.

Bottom Line: in total, BIMA raised $193.5M since inception.