HSBC backs insurtech CXA Group’s $25m funding
Asian insurance firm CXA Group has raised $25 million funding for its Asia-Pacific expansion plans.
“Better choices for healthier living”
The new group of investors include HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund.
Rosaline Chow Koo, founder and CEO, CXA Group, says it enables individuals across Asia to “make better choices for healthier living, starting from the workplace, thereby empowering a shift in spend from treatment to prevention”.
CXA offers a predictive and data intelligence platform that allows employers to give their employees access to 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.
This latest funding round follows $33 million 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.
Headquartered in Singapore, CXA achieved revenue growth of 65% in 2018 and says it is expected to double that in 2019. It was founded in 2013.
