Today
B3i the blockchain insurance platform announced an investment from Japanese firm SBI Group, bringing the number of shareholders to 17. Two months ago, B3i confirmed a round of
funding which we estimated at $20 million and brought in three new investors. Based on corporate filings, SBI invested an additional 1.9 million Swiss Francs ($1.9 million). Nowadays most funding rounds don’t have a hard cut off point, so SBI may not be the last investor in the current round.
“SBI will bring a depth of experience to the company and offer opportunities for expanding global partnerships with associated businesses,” said Antony Elliott, Chairman of B3i. “We look forward to deepening our relationship with the wider SBI Group and the Japanese market as we explore the application of B3i’s offerings in the Japanese insurance sector and beyond”.
B3i’s initial solution is to use blockchain to automate an Excess of Loss reinsurance contract. It’s exploring further reinsurance and commercial insurance applications.
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