Tencent-backed insurtech Waterdrop raises $360M in New York IPO- PingWest
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Tencent-backed insurtech Waterdrop raises $360M in New York IPO
12 minutes agoBeijing (PingWest)—Waterdrop, an online insurance technology company backed by Tencent, went public in the US on Friday, raising $360 million.
The company operates an online insurance market called Shuidibao, which includes 19.2 million paying customers as of the end of last year, up from 8.8 million in 2019.
The platform's revenue doubled in 2020 to 3 billion yuan ($464.1 million). Most of the income is generated by charging third-party insurance companies, according to the prospectus.
In 2020, the platform’s cumulative premium income reached 14.4 billion yuan ($2.2 billion), up from 6.7 billion yuan in 2019. However, its net loss has also increased from 321.5 million yuan a year ago to 663.9 million yuan in 2020.
Beijing-headquartered Waterdrop also runs a crowdfunding service called "Shuidihuzhu",
distributes insurance policies online and provides illness crowd-funding.
The company also runs a crowdfunding service called "Shuidihuzhu", that allows ill people to raise money for medical bills they can’t afford to pay themselves, without charging them a commission fee.
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