BIMA Books $7M to Provide Insurance via Mobile in Emerging Markets
LeapFrog Investments has made a $4.25 million investment in BIMA, a developer of mobile insurance software for mobile operators and insurance companies in emerging markets, as part of a $7 million equity round.The balance of the financing came from existing shareholders, a news release from the firm said. Valuation wasn't disclosed.
BIMA's service provides insurance to people in emerging markets via their mobile phones, bridging traditional insurance companies and mobile operators. It was founded in 2010 and said it now insures nearly four million people in Ghana, Tanzania, Senegal, Mauritius, Bangladesh and Sri Lanka.
The company, whose name means insurance in Swahili, Bengali and Hindi, is based in Stockholm and is incorporated as Milvik AB.
In January Leapfrog said it planned to invest $7.5 million in a strategic partnership with Nigerian financial company Asset and Resource Management Co., majority owner of CrystaLife Assurance PLC, to grow CrystaLife's sales of life insurance in Nigeria.
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