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Insurance startup YuLife raises $120m

Insurance startup YuLife raises $120m

UK tech-driven insurance outfit YuLife is set for global expansion after raising $120 million in a Series C funding round led by Dai-ichi Life Insurance Company.

YuLife's life insurance offering enables policyholders to complete everyday wellness activities in order to earn YuCoin, which they can use to buy gifts for themselves, friends or family, or to improve the world through planting trees and donating to charity.

Over a third of YuLife customers engage with the company every single day, compared to once a year for the average insurer, and 87% report an improvement to their wellbeing as a result of having YuLife as their insurer.

The firm now covers more than 500,000 policyholders across small to large businesses, with over $50 billion of cover in place.

It will use the capital to broaden its reach into new global markets and scale its product range.

Sammy Rubin, CEO, YuLife, says: “Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual.

"We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.”

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