STOCKHOLM, LONDON and SINGAPORE, April 20, 2022 /PRNewswire/ — MILVIK BIMA (“BIMA”), a leading digital healthcare solutions provider in emerging markets, has raised new funds from existing shareholders Allianz X and Leapfrog Investments to launch its Health Wallet in Asia.
The BIMA Health Wallet is the first of its kind, combining fintech tools and e-commerce features for healthcare. Integrated with the BIMA Health+ App, it supports BIMA’s mission to democratize healthcare in emerging markets. The BIMA Health Wallet enables customers to
Manage their BIMA health subscriptions in terms of payment flexibility and update nominees covered by their subscriptions; Earn and use Health Points; Visualize Health savings; Make cashless payments; Access their medical history and data; and Access subsidies from public-private funding.
“We first invested in BIMA in 2017 with the goal of making insurance more accessible to emerging consumers,” said Nhi Huynh, Senior Manager at Allianz X. “From a humble start in Ghana, BIMA has expanded into an additional African and 7 Asian markets. The emergence of COVID-19 emphasized the importance of digital health services like BIMA’s. Together with Leapfrog Investments, we’ve supported its transformation from a basic insurtech to a comprehensive healthtech with an insurance backbone. These funds will further the improvement of emerging consumer health services and protection.”
“BIMA’s business model is a stellar example of our profit with purpose strategy in emerging markets where healthcare is severely underpenetrated. Half of the world’s population still lacks access to essential healthcare but the BIMA Health Wallet can speed up digital healthcare adoption and make healthcare more accessible to millions of people. With the digital health industry forecasted to reach US$660 billion by 2025, we believe BIMA’s solutions tap into an enormous market opportunity by erasing healthcare access disparity,” said Stewart Langdon, Partner at Leapfrog Investments.
BIMA’s unique subscription model breaks down the high barrier to healthcare access. It has provided 25 million people with high-quality primary and secondary healthcare. This investment will further the company’s vision of providing 100 million people with healthcare access by 2026.
Access Health International (“AHI”), a non-profit think tank, advisory group and implementation partner with a mission to improve access to high-quality and affordable healthcare, is working with BIMA in Bangladesh to explore public-private funding opportunities in relation to the Health Wallet. “BIMA’s Health Wallet facilitates a direct-to-consumer avenue for health funding program implementation, which is one of the most critical aspects of healthcare funding. We look forward to working with BIMA to make healthcare more affordable”, said Adrienne Mendenhall, AHI’s Director of Business Development.
Health Points collected with every subscription payment made through the BIMA Health Wallet can be used for redemption of partner products such as medicine, medical equipment, health and fitness wearables, oral and eye care products, and nutritional items. Thus, lowering healthcare costs for consumers.
About MILVIK BIMA
Founded in 2010, MILVIK BIMA is democratizing healthcare in emerging markets through technology that enables affordable and accessible healthcare solutions, while empowering people to take control of their health. With a focus on proactive care, MILVIK BIMA’s healthcare solutions comprise telemedicine, specialist care, health-screening, personalized health programs, medicine delivery, laboratory testing, and insurance. Operating in 9 countries across the Asia and Africa region, MILVIK BIMA’s vision is to provide 100 million people with affordable access to high-quality healthcare by 2026.
For more information, please visit www.bimamobile.com.
About Allianz X
Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. In just a few years, it has grown to a portfolio of more than 25 companies and AuM of over 2 billion euros. Allianz X has counted 10 unicorns among its portfolio so far. The heart and brains behind it all is a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and reach their full potential.
For more information, please visit www.allianzx.com.
About Leapfrog Investments
LeapFrog invests in exceptional businesses in Africa and Asia, partnering with their leaders to achieve new levels of growth, profitability and impact. Founded in 2007, LeapFrog’s companies now reach 272 million people across 35 countries with healthcare or financial services, providing jobs and livelihoods to 143,000 people. Through consistent delivery on a strategy of Profit with Purpose, LeapFrog has raised over $2bn from global institutional investors, including $500m recently committed by Temasek.
For more information, please visit www.leapfroginvest.com.