Indonesia-based insurtech PasarPolis has received a US$5 million (approx. IDR 70 million) equity finance investment from the International Finance Corporation (IFC), a part of the World Bank Group.
This is the IFC’s first investment in the Indonesian insurtech industry, e27 reported. One of IFC’s goals is to accelerate financial inclusion and literacy in emerging markets like Indonesia.
According to PasarPolis founder and CEO Cleosent Randing, the investment is separate from the Series B funding round held in September 2020, nor is it considered a Series C round. The Series B round brought in US$54 million and was led by LeapFrog