Singapore-based insurtech firm bolttech has on Wednesday announced it has raised $196 million in connection with its Series B with an up-round valuation of $1.6 billion.

The round was led by Japanese insurance firm Tokio Marine, bolttech said in a statement.

Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.

According to the statement, bolttech will use the proceeds of the Series B to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across bolttech’s 30+ markets.

In addition, the funds will be used to explore inorganic opportunities to accelerate international growth.

“We are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships,” said Rob Schimek, bolttech’s Group Chief Executive Officer.

Underpinned by Series B investors, he said the firm looks forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.

It is noted that bolttech has maintained a strong financial foundation with a clear path to profitability while driving its rapid growth and scale to build the most comprehensive international presence for an insurtech.

Bolttech is a global business to business to consumer (B2B2C) insurtech that connects insurers with distributors and their customers.

With licenses to operate throughout Asia, Europe and all 50 U.S. states, bolttech serves customers in 30+ markets across North America, Asia and Europe.

Bolttech now quotes approximately $55 billion worth of annualized premiums.

Globally, its ecosystem connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.

Tokio Marine was founded in 1879 as Japan’s first insurance company.

Currently, it has established digital laboratories in seven locations around the world to provide customers insurance services.

MetLife, Inc., through its subsidiaries and affiliates, is a financial services firm providing insurance, annuities, employee benefits and asset management services.

Founded in 1868, the firm has operations in more than 40 markets globally including the United States, Japan, Latin America, Asia, Europe and the Middle East.

Khazanah is the sovereign wealth fund of Malaysia entrusted to deliver sustainable value for Malaysians.

Singapore-based insurtech Bolttech closes Series B investment at $1.5 billion valuation