InsurTech Qoala acquires Thai’s FairDee, eyes expansion to Thailand

By Leandra Monteiro

Qoala, an InsurTech startup backed by companies such as Sequoia, MDI Ventures and Golden Gate Ventures recently announced the acquisition of FairDee, a Thai InsurTech to expand its reach in the Thailand market.

Qoala’s acquisition of FairDee adds to its existing markets of Indonesia, Singapore, Malaysia, and Vietnam. According to the media statement, the collaboration aims to boost technology scalability and innovation across all businesses of Qoala.

“FairDee and Qoala share the same vision in how insurance can be reimagined. Hence, we are doubling down on developing technology to deliver an excellent insurance experience to the community digitally in Thailand on the back of our strong SEA presence. With this acquisition, we are taking a big leap in the group’s regional ambition to be the number one insurtech in SEA. Given the shared vision and expertise that FairDee’s team has been able to cultivate since its inception, we are confident to continue to serve millions of underinsured in the region,” shared Founder and Chief Executive Officer (CEO) of Qoala, Harshet Lunani, according to media reports.

Qoala which was launched in 2018, offers an omnichannel service that combines new insurance product creation and photo-based claims. It currently works with partners such as Allianz, Zurich, Chubb, and digital platforms Oyo, Traveloka, Ovo, Dana, and Momo.

“We started FairDee to bring the best insurance experience to customers across the region. Being part of Qoala will greatly accelerate that vision, and together, we are more than excited to deliver further innovation in Thailand and beyond. Drawing upon Qoala’s regional expertise and support, we are committed to elevating our service quality to our partners and customers in Thailand,” said Yujun Chean, Co-Founder and Chief Executive Officer (CEO) of FairDee, according to media reports.

In April last year, Qoala raised US$13.5 million in its series A round led by Centauri Fund, a joint venture between South Korea’s KB Financial Group and Indonesia’s Telkom Indonesia.