The first insurtech platform in Bangladesh, Bimafy, has received a Tk1 crore investment from Startup Bangladesh Limited, the ICT Division's flagship venture capital firm.
An agreement has recently been signed between the organizations in Dhaka.
Bimafy is a platform that was developed with the goal of increasing people's usage of insurance and other financial services on a daily basis. It offers digital insurance solutions with a primary focus on convenience, transparency, wide distribution, and usability.
NM Zeaul Alam, chairman of the Board of Directors of Startup Bangladesh and senior secretary of the ICT division, was present on the occasion.
Bimafy has been working on the digitalization of insurance services since 2019, with facilities to ensure global standard customer service in the insurance sector.
The platform currently offers services such as health insurance, accident insurance, travel insurance and motor insurance from dynamic insurance companies that it works with, offering corporate solutions as well.
In addition to providing digital insurance services to more than 400,000 customers, Bimafy has set an exemplary standard in settling health insurance claims with innovative micro-insurance products, according to the company.
Startup Bangladesh is the first and only venture capital company funded by the government of the People's Republic of Bangladesh and started its journey in March 2020 with an allocated capital of Tk500 crore, to enable the nation to innovate faster.
During the agreement signing ceremony, State Minister for ICT Division Zunaid Ahmed Palak said: “The government is a strong believer in innovation and technology, and we believe startups are the changemakers and impact creators in society."
To support these innovative startups, the government has established Startup Bangladesh as a venture capital company.
"Startup Bangladesh's role in supporting the startup ecosystem through investments in technology startups is vital towards building Smart Bangladesh. I hope Bimafy will make a remarkable impact in the industry with this investment,” he added.
“The work that Bimafy is doing in the insurance industry is highly commendable and the investment from Startup Bangladesh Ltd will help it to be the leader of the industry,” said NM Zeaul Alam, senior ICT Division secretary, and chairman of Startup Bangladesh.
Alvi Nizam Nafi, managing director of Bimafy said: "We are very happy to receive investment from Startup Bangladesh Limited, this investment will help us expand our digital insurance solutions across the country and reach out to more people in the process."
Startup Bangladesh in its effort to build a vibrant startup ecosystem that nurtures digitalisation has been investing in the most promising and impactful startups in Bangladesh and has continued that tradition by investing in Bimafy.
