A financial services startup based in technology, OneDegree, has raised a new investment round worth HK$100 million, which is around $13 million.

The startup provides an online insurance providing platform which offers solutions and services in various areas, from general insurance to health insurance.

“We’re taking on a tall task by modernizing an industry with large incumbent players, and building a highly flexible and scalable insurance technology platform from scratch,” Co-Founder of OneDegree, Alvin Kwock said, as reported by Deal Street Asia. “We’re on the cusp of a new era, and our end goal is to empower customers with a smooth and seamless experience.”

Along with the investment, the startup has received the option of a future investment of the same amount if needed.

The new funds in the Series A round will be put toward growing a customer-base, expanding services and offerings and developing technology.

Hong Kong-based OneDegree was founded in 2016 by Kwock and Alex Leung and has partnered with healthcare firms on a global scale. According to the startup, over 10 investors participated in the round.

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