Turtlemint receives Series E funding of $120 Million, expands Turtlefin operations to region

Turtlemint, a leading Indian insurtech company announced the launch of its first office in Dubai, UAE. As per Turtlemint’s growth strategy, the expansion announcement is aligned with its recent Series E funding of $120 Million. The expansion is undertaken to scale its digital insurance platform offering for enterprises – Turtlefin’s operations in the Middle East. Turtlefin provides end-to-end tech solutions to enable insurance sales and services and digitize insurance sales and services via comprehensive technology support for large enterprises like banks and other distributors.

The Dubai office will serve as the central hub for Turtlemint’s business development in the Middle East region. The company aims to unlock the market opportunity in a fast-developing MENA region.

Turtlefin works with over 160,000 financial advisors and 50+ financial institutions in India and the Middle East. In 2020 the company pioneered the common API framework. Since then, the Turtlefin platform has been a significant breakthrough for the region and has gained further popularity post its partnership with Mashreq in 2021. Currently, Turtlefin is planning to work with multiple enterprises and users to help scale the insurance distribution platform.

Laxmikant Pawar will be leading the new center. Prior to this he held positions at Mashreq Bank and Oman Insurance in the region. He will be working with Amreesh Kher, the chief partnerships distribution officer. The company is also looking to hire multiple candidates in FY23 across departments to bolster the operations in the region.

Turtlefin works with over 160,000 financial advisors and 50+ financial institutions in India and the Middle East

 

In 2020 the company pioneered the common API framework

 

The Turtlefin platform has been a significant breakthrough for the region and has gained popularity post its partnership with Mashreq in 2021

On this development, Dhirendra Mahyavanshi, Co-founder, Turtlemint stated, “Turtlemint continues with its philosophy of empowering financial advisors and distributors in India, we are going beyond borders with our bouquet of tech solutions to large institutions and with this expansion we are geared to address the rising demand witnessed in the Middle East region, where banks are demonstrating an increased desire to provide superior digital services. We recognised a need for a technology partner in the current traditional banking landscape of the region, to facilitate a combination of legacy systems and new fintech capabilities in order to offer a seamless digital client experience. We aim to bridge this gap with Turtlefin’s comprehensive technology platform and support the BFSI community at large.

Anand Prabhudesai, Co-founder Turtlemint commented, “We see a massive opportunity in the Middle East market to assist banks and financial institutions in becoming digital-first by improving their value chain. With Turtlefin we have digitised and simplified the entire insurance distribution value chain benefiting all stakeholders” He further added, “The biggest testimony to our product has been our consistent growth numbers. In a short period of time, Turtlefin has received a grand welcome by the Middle East BFSI fraternity, as over 50+ banks and financial institutions are already benefiting from our solutions, along with 45+ Insurers on board across India & UAE.”