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Last Updated : May 30, 2019 07:44 PM IST | Source: Moneycontrol.com

Fineqia announces increase in investment value in Blockchain insurance company Black Insurance

The uplift in investment in line with its strategy to invest in Blockchain related companies that support its business model.

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Representative image

Fineqia International Inc. announced an increase of more than 20% in its equity stake in Black Insurance ("Black"), a digital insurance start-up on the Blockchain.

Founded in 2018 by Risto Rossar, Black intends to become a licensed insurer and enable the underwriting of new insurance policies via insurance syndicates akin to the Lloyd's market. Insurance brokers and agents will be able to create bespoke insurance schemes faster and cheaper using the Black platform.

This is Black's second financing round. Fineqia participated in the previous stage as well as part of its strategy to invest in companies that allow Fineqia to strengthen its existing portfolio of blockchain, fintech and cryptocurrency technology companies worldwide.

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"Fineqia is pleased to have topped its original investment in Black in this most recent investment round," said Chief Executive Officer (CEO) of Fineqia, Bundeep Singh Rangar. "Black represents everything we want from issuers: innovation, disruption and ambition. And, we believe that insurance is one sector ripe for blockchain disruption and Black Insurance has the right team experience to make this happen."

Fineqia's investment in Black is held via its subsidiary, Fineqia Investments Ltd. It is in line with its strategy to invest in blockchain related companies that support its business model. Fineqia's investment sum represents less than nine percent of its market capitalisation.

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First Published on May 30, 2019 07:44 pm
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