Insurtech company YuLife has raised $120m (£100m) in Series C funding to ramp up global expansion and scale its product range.
Through its app, YuLife customers are rewarded with YuCoins, a digital token, for taking part in wellness activities. These coins can then be spent on gifts, donating to charity or planting 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.”
Founded in 2016, the London-headquartered company provides approximately £40bn of cover to some 500,000 policyholders at businesses large and small.
The YuLife Series C funding was led by Dai-ichi Life Insurance Company and brings the total funding to $206m (£172m).
Previous backers of YuLife counts the likes of 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.
This week saw fellow insurtech Konsileo raise £4.7m in its Series A funding round, led by Committed Capital.