- Malaysian insurtech Ouch! raises $1.2M
- They simplify Sharia-compliant insurance via an app
- The startup aims to expand market share and secure operating licenses
Takaful Made Easy
Malaysian startup Ouch! has successfully raised 5M MYR ($1.2M) in funding from PBB Ventures. The company specializes in simplifying “takaful” insurance, a Sharia-compliant form of coverage accessible to both Muslims and non-Muslims. This funding round follows their Pre-Series A raised last year.
Insurance for the Digital Age
Founded in 2018, Ouch! is revolutionizing takaful insurance through its user-friendly app. The platform allows users to assess their coverage needs, purchase policies, and file claims all in one place. Their flagship product, Pusara Pro, offers life insurance-like coverage of up to 500,000 MYR ($117,000).
Big Plans Ahead
Ouch! plans to use the new funds to expand its market share, enhance its technology, and introduce new products.
The company is also working towards securing a DITO license from Malaysia’s Central Bank, which would allow them to operate as a digital insurer and takaful operator.
