After messy Aviva breakup, Singapore insurtech Singlife couples up with smitten Sumitomo Life for expansion and upgrades
Singlife Gets a $133 Million Boost from Sumitomo
Fintech flings and flirtations! Singapore’s sizzling insurance bae Singlife just scored a steamy $133 million from smitten Japanese suitor Sumitomo Life.
This splashy cash infusion increases Sumitomo’s stake in Singlife to 27% – now that’s true love!
Singlife and Aviva: A Bitter Breakup
It comes on the heels of insurance icon Aviva’s messy breakup with Singlife two months ago. After their whirlwind merger in 2020, Aviva got cold feet and sold off its 25.9% stake to Sumitomo for a juicy $1 billion buyout.
Guess the magic faded once the honeymoon stage ended. But while Aviva may have left Singlife’s bed cold, Sumitomo is clearly head over heels!
Singlife’s Plans for the Future
This latest round of funding will let Singlife expand its products and sashay into new territories. The frisky fintech plans to upgrade its tech and data analytics too – ooh, nothing like a digital makeover to attract new lovers!
Founded in 2014, Singlife won hearts by providing insurance for Singapore’s government bodies and care subsidy programs. Its steamy $2.36 billion tie-up with Aviva in 2020 was Singapore’s biggest insurance merger yet.
But now Singlife’s found an even more devoted partner in Sumitomo to care for its blossoming business.
So get ready for sparks to fly as this fresh finance coupling embarks on their future together! Sure, breakups stung in the past. But with Sumitomo’s affection and the promise of innovation, Singlife’s future looks bright and flirty.
