BIMA, a provider of mobile-delivered insurance in emerging markets, has raised $38.4m from LeapFrog Investments, Investment AB Kinnevik and other existing shareholders.

Lorenzo Grabau, CEO of Investment AB Kinnevik, said: “As a founding shareholder of BIMA, Kinnevik is committed to supporting its further growth. BIMA’s management team continues to deliver impressive performance, in terms of both growth and impact.”

“In the past year alone, BIMA has opened seven new operations, launching the business in Latin America as well as expanding its presence in Africa and Asia and secured high profile partnerships. BIMA continues to create game-changing new business models that can open up access to insurance on an unprecedented scale,” he said.

Gustaf Agartson, BIMA CEO, said: “We are very proud of our success so far, but believe that we are only at the beginning of the BIMA journey. Mobile technology has the power to transform the lives of people living in emerging markets and we remain committed to finding ways to unlock that potential.”

The capital will be used to fuel new market entry across the regions as well as scaling BIMA’s disruptive ‘Pay-As-You-Go’ distribution model, in which the company sells direct to the consumer.

The investment will also support innovation and product development with a focus on expanding the MFI offering and development of BIMA’s mobile-delivered health services.

Agartson said this investment will be funding the innovation that has marked BIMA as the leader in the industry and enable us to further scale the business.

“The unique insight and expertise of our distinctive set of shareholders will be invaluable as we work to bring vital services to the consumers who need them most,” he said.

In just four years, BIMA has pioneered its disruptive mobile microinsurance model to over 18 million underserved consumers living in emerging markets, with 9 million of those coming on board in the past 12 months.

BIMA aims to reach over 750,000 new people each month, and with a number of markets reaching profitability this year, it has plans to bring these disruptive financial and health services to even more countries.

The company has operations in 14 countries across Africa, Asia and Latin America and employs a workforce of 3,500 people.

In Africa, BIMA currently has operations in Ghana, Tanzania, Senegal, and Uganda.

The company shareholders include an international telecommunications and media firm Millicom, global telecommunications provider Digicel Group, as well as private investors.