Ouch!, a one-stop insurance platform, has set forth on a fully-subscribed six-figure pre-Series A round and is hoping to continue this momentum by exercising its over-allotment for additional investors to come on board.
The news comes following a RM1.5 million seed funding last year, with the insurtech now setting its sights on acquiring final approval from Bank Negara Malaysia (BNM) to operate in its regulatory sandbox.
According to its CEO, Shazy Noorazman, this falls in line with the startup’s ambition of being a first-of-its-kind digital Takaful operator in Malaysia focusing on the younger generation bringing our signature approach to insurance to a new space, with the planned launch of its new digital Takaful product within the first quarter of 2023.
“There are now multiple generations that either don’t see the importance of or can’t quite wrap their heads around the layers of insurance offerings and processes. Ouch! aims to strip all of that out for a simple, straightforward product that resonates with the youth of today and tomorrow,” he adds.
Adding to this, Ouch! has also welcomed Mukesh Dhawan, founder of Drivn Fintech and ex-CEO of Zurich Takaful Malaysia, as a board member and advisor.