YuLife to use £100m funding to expand insurance offering
YuLife, an insurtech company, has raised $120 million (£100 million) in Series C funding to expand globally and scale its product line. Customers of YuLife receive YuCoins, a digital token, using the company’s app in exchange for participating in wellness-related activities. These coins can then be used to buy presents, make charitable contributions, or plant trees.
Sammy Rubin, CEO and co-founder, YuLife said: “Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual.”
The 2016-founded company, with its headquarters in London, offers 500,000 policyholders at both large and small enterprises a total of £40 billion in insurance coverage. Dai-ichi Life Insurance Company led the YuLife Series C fundraising, bringing the total funding to $206 million (£172 million). YuLife has previously received funding from companies like LocalGlobe, Target Global, Latitude, Notion, and MMC. “YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products,” said Toshiaki Sumino, director and managing executive officer, Dai-ichi Life Holdings, Inc.
The funding follows on from the company’s $70m (£58.4m) Series B last July.
YuLife seems to be an innovative insurance company that provides much more than just traditional insurance. I’m sure this company will continue to succeed in its journey. Best wishes to the entire YuLife team. I look forward to seeing your future accomplishments.Shishir Gupta, Founder and CEO, StartupLanes
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