, Singapore
/Ryoji Iwata from Unsplash

CapitalSG acquires majority stake in a digital health and insurance company

As part of the investment, BIMA MILVIK's holding company has relocated from Sweden to Singapore. 

Global digital health and insurance company, BIMA MILVIK, has been acquired by CapitalSG, a Singapore-based investment and advisory firm. This acquisition is for the restructuring and recapitalisation effort.

CapitalSG now holds a substantial majority stake in BIMA MILVIK and has injected fresh capital into the company. 

This infusion of funds will support the company's expansion to underserved customers in the coming years. LeapFrog Investments remains a minority shareholder and also participated in the recent equity round.

This acquisition follows a restructuring plan for BIMA MILVIK, streamlining its global functions and teams, with a focus on achieving break even profitability by 2024.

ALSO READ: Aon plans to acquire Indian-based brokerage firm

"Profitability has become our top priority, as well as the top priority of fintech investors globally. We are proud to welcome CapitalSG as our new shareholder. They have already helped BIMA MILVIK adapt rapidly to the new tech-funding environment and provided the essential capital to help us reach millions more underserved customers in the next decade," Gustaf Agartson, CEO and Co-Founder of BIMA MILVIK said.

As part of CapitalSG's investment, BIMA MILVIK's holding company has relocated from Sweden to Singapore. 

The company now operates in select global markets, including Ghana, Tanzania, Pakistan, Bangladesh, Sri Lanka, and Cambodia, with technology operations based in India.

BIMA MILVIK's digital health and insurance products currently provide protection for 5 million subscribers and 20 million beneficiaries. 

The company estimates that approximately 2 billion people in emerging markets lack insurance coverage, representing a $50 billion opportunity for innovative mobile micro-insurance products targeted at the emerging middle class.


Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


UOB deploys AI tools to level up employees’ productivity
The bank with the largest consumer footprint in ASEAN leads the way in adopting Microsoft’s Copilot for more collaborative and productive banking.
Italy brings its strong suits to Singapore’s fintech expo
Italian trade executive says 9 firms at the Singapore Fintech Festival 2023 exemplify the diverse range of products and expertise Italy can bring to the table.
Trust Bank sets the bar for digital banking in Asia Pacific
The digital bank targets to be Singapore's fourth largest retail bank, CEO Dwaipayan Sadhu said.