FatBerry Raised RM2.5m in Pre-Series A Funding

FatBerry Raised RM2.5m in Pre-Series A Funding

Good news! FatBerry raised RM2.5 million (approx. US$600,000) new funding from equity crowdfunding platform, pitchIN to carry out FatBerry’s expansion and product development plans!


After two years of trial and preparation, our insurtech platform was commercially launched in April 2020 during the beginning of the pandemic. Fatberry has transformed the way consumers purchase insurance products in Malaysia via our insurance digital marketplace that allows customers to compare, customise and buy insurance products online instantly and easily. 


Pandemic Driven Explosive Growth 

With the pandemic and lockdown situation, consumers resolve to change their purchasing behaviour – many adopted online shopping almost exclusively for all their daily needs. This accelerated online purchasing behaviour has spurred explosive growth in demand for purchasing insurance online. 

As FatBerry is the most comprehensive insurance marketplace online for the Malaysian market, it is undoubtedly that FatBerry has experienced an impressive continuous monthly growth of 100% from June 2020 to February 2021.

Between June 2020 to February 2021, Fatberry’s sales have grown 6,800%. It is currently transacting 7 figure sales revenue for its platform on a monthly basis.


Funding to Fuel Further Growth 

“Post-FatBerry raised, our next step is to add more talent to our team, further develop our platform and product offering, as well as scale up our marketing and branding efforts. We will continue in our mission to help more Malaysians purchase insurance online with ease from the reliable and trustworthy insurtech platform of ours,” said FatBerry CEO John Tan. 

Malaysian consumers have now recognised FatBerry as the easiest and fastest insurtech platform that provides extensive customer care to make sure purchasing insurance online is a positive experience for consumers.

Our platform currently represents 11 Bank Negara Malaysia licensed insurers, facilitating largely transactions involving car insurance. With Malaysia having more than 10 million registered cars on the road, Car Insurance is the largest segment of the general insurance market of Malaysia by sales revenue.


Launch of motorcycle insurance to drive further growth

Earlier in April, we had also launched motorcycle insurance on our platform.

“Motorcycles are the most popular vehicle in Malaysia, making up almost half of the total number of vehicles on the road. Hence, it is a key expansion market for FatBerry,” said FatBerry’s Head of Marketing, Debbie Ang. 

Our platform expects the motorcycle insurance products to do well on its platform as the segment of this market is almost untouched, as traditional insurance agents would usually focus on high-value insurance products instead. 


Strategic Pre-Series A Funding Round 

The Pre-series A funding round was led by strategic investor Stockholm-based publicly traded venture builder Abelco Investment Group AB. Other investors who participated include ASX-listed Fatfish Group Limited and notable angel investors from Malaysia and Singapore.

RM1 Road Tax?! What RM1 Can Get You? Then VS. Now

RM1 Road Tax?! What RM1 Can Get You? Then VS. Now

RM1 road tax sounds too good to be true, but is it really? We are stoked to find out how excited Cik Manggis, a popular singer/actress, was when she compared the things you can get with RM1, then and now. Let’s check it out!


Many of us may have reminisced the good old days where things were cheap and life wasn’t as hectic as it is today.

Speaking about lower prices, did you know that you can get a lot of things with a mere RM1? Yes, indeed! 

To cut a long story short, Cik Manggis had recently shout out on her Instagram feed about the 5 Things We Can Buy With RM1, Then vs. Now.’

You’d be surprised to see her compare many things you can get with RM1 back in the old days and modern times.

So, what can you get with RM1, then and now? Check out the comparison:





Roti Canai

5 pieces of roti canai and
1 can of dhal

1 piece of roti canai


100 pieces of candies
(1 cent each)

10 pieces of candies
(10 cents each)


4 ball pens
(25 cents each)

1 ballpen (RM1 each)


40 cents/ticket
at the Asiatic Cinema

(short-distance bus ride)

Things definitely seemed cheaper in the olden days. However, what about the fifth one? What is the other thing you can get with RM1?


Here comes the best part…watch her video to find out more 👉🏼



View this post on Instagram


A post shared by Cik Manggis | De Fam (@cikmanggis)

The good old days may have won the first four rounds of comparison, but it sure can’t beat this king of all cheap prices: RM1 road tax! Yes, you’ve read that right! That’s RM99 less than the normal price of road tax back then!

RM 1 Road Tax

In partnership with Visa, you can now get RM1 Road Tax with FatBerry*!

Enjoy this special promo when you RENEW your car insurance and pay with your VISA card on FatBerry’s platform.

That said if your car insurance has not expired yet, don’t worry! Simply CHOPE* for your next renewal. How’s that for the biggest saving of all?

*T&C Apply

FatBerry–A Fatfish Subsidiary, Records ‘Explosive’ Revenue

FatBerry–A Fatfish Subsidiary, Records ‘Explosive’ Revenue

FatBerry allows consumers to compare, customise and purchase insurance products online, recording significant market traction in the second half of the year, increasing its revenue by almost 100% every month.


Technology venture capital firm Fatfish Group (ASX: FFG) has posted “explosive” monthly sales results during the six months to December 2020 for its direct-to-consumer digital insurance subsidiary Fatberry Sdn Bhd.

The fast-growing, Malaysia-based offshoot employs a digital platform to allow consumers to compare, customise and purchase insurance products online – recorded significant market traction in the second half of the year, increasing its revenue by almost 100% every month.

Its December revenue reached $66,677, and its January total to date is believed to have already achieved 180% of that figure, further asserting the month-on-month growth trend.

Fatfish said the key to Fatberry’s performance had been an acceleration in consumer online usage patterns due to global COVID-19 lockdowns.

Easing the process

Fatberry was founded on a desire to ease the process of purchasing insurance online for Malaysian consumers.

It claims to generate quotes “instantly” while allowing customers to obtain motor and travel insurance within three minutes.

The company spent the first two years offering a trial service before launching a full suite of API-enabled commercial services in April last year.

Fatberry currently partners with 11 local insurance companies including Zurich, Lonpac, Takaful Malaysia, and Etiqa to offer a wide choice of products via its digital marketplace.

Fatfish owns a 53.4% stake in Fatberry via Swedish-based subsidiary Abelco Investment Group AB.

The two companies entered into a de facto merger in late 2019 after Abelco made a binding offer to acquire Fatfish investee company Fatfish Global Ventures.

FatBerry’s Asian presence

Fatfish recently announced plans to diversify its Asian presence through a move into the buy now and pay later space.

Last month, the company announced it would acquire a 19.9% stake in BNPL provider Smartfunding, bolstering its total equity in the Singapore-based lender to 78.7% through Abelco.

Fatfish plans to initially offer regulated BNPL services to the Singapore market before expanding into other regions.

This piece was written by Imelda Cotton and published initially on SmallCaps.com.

Factors Affecting Premium Rates: What You Must Know

Factors Affecting Premium Rates: What You Must Know

With the detariffication of motor insurance back in 2017, each individual’s premium rate may no longer be the same, as insurance companies are now using the risk-based pricing method to calculate your premium. Find out the factors affecting your motor insurance premium.   Before 2017, Bank Negara Malaysia (BNM) was the one responsible for controlling the price of motor insurance premium. Insurance companies followed a tariff structure, where the factors affecting one’s premium include the following:

  • The vehicle’s current market value
  • The engine capacity (cc) of the vehicle
  • The vehicle’s age (vehicles older than 10 years old had higher premium rates)
  • Add-ons, for example, Personal Accident

Minor differences in pricing

Due to the same calculation method used across insurance companies, the premium rates were pretty much similar regardless of the company you chose to purchase insurance from. Even if there was a small difference in pricing, it could be because of:

  • Different add-ons (product or service) included in the policy
  • Loading conditions (whether a vehicle carries a higher risk)
  • The sum insured (a vehicle’s value may be viewed differently by different insurance companies)

What are the factors affecting premium? 

Post-detariffication, insurance companies are no longer required to follow the tariff structure set by BNM. Instead, premium rates for motor insurance are now based on several risk factors carried by an individual, which include the following:

  • How you use your car

Are you a suburban housewife who drives her car to run errands and fetch her kids to and from school? Chances are your premium rate may be lower as the risks you carry are fewer than those who commute daily to their office via highways, where the risk of road accidents is high.

  • The type of vehicle you drive

Vehicles equipped with intermediate to high-performing rear-engine models as well as sports-type vehicles have higher premium rates. This is because the repair cost is more expensive than average vehicles if an accident occurs.

  • Your age

The younger you are, the less experience you have in driving. This means your premium rate will be higher as you’re perceived to carry more risks, compared to drivers with years of driving experience.

  • Your gender

Female drivers tend to be more careful on the road, so they get to enjoy lower premium rates compared to their male counterparts.

  • Your driving record

If you have no history of getting speeding tickets, being involved in an accident, being slapped with summons because you didn’t follow the rules, or other traffic offences, chances are your premium rate will be lower.

  • Your claims history

Drivers who have a history of making claims indicate that they carry higher risks, which means they’ll get a more expensive premium rate.

  • The add-ons you choose

The more coverage and benefits you picked, the more expensive your premium rates will be. Typically, insurance policies that cover the driver, as well as the third-party, tend to cost more.

  • Where you live

If you live in a high-risk area where vandalism, theft, or accidents are common occurrences, your premium rates will be higher.


Simple tips to get affordable premium rates

Now that you know what factors are affecting the premium rates of your motor insurance, you can try to get more affordable rates by following these simple tips:

  • Have a budget in mind

Calculate your monthly expenses. See how much money you can set aside to purchase motor insurance and be able to pay every month.

  • Drive with good manners and keep a clean record

Avoid getting into a car accident by driving carefully and controlling your temper and ego (road rages are so common in Malaysia). Don’t drive too fast if you don’t want to get a speeding ticket. Don’t do any traffic violation to avoid being slapped with hefty fines. These are the simple ways you can keep a clean driving record.

  • Know your vehicle well, inside out

As a vehicle owner, you should already know every little thing about your vehicle. But if you’re not into cars and have little knowledge about things such as the model, make, and year of your vehicle, it’s time you pay more attention as this could help you get more affordable premium rates.

  • Upgrade the security of your vehicle

This is especially important if you live in a high-risk area. Make sure things like auto-lock and alarm are functioning properly. If you could afford it, consider installing a dash-cam for added security, or any other security device.

  • Don’t get add-ons that you don’t need

Some insurance agents may sweet-talk you into getting add-ons that you actually don’t need, so think carefully about what you truly need and don’t need.   Contrary to popular belief, detariffication is actually a good thing for vehicle owners in Malaysia. With the new premium calculation method, consumers can now enjoy lower premium rates, various insurance products tailored to their needs and budget, and overall better customer service.

Motor Insurance Renewal: Basic Things To Know First

Motor Insurance Renewal: Basic Things To Know First

It’s the new year, which means your motor insurance has probably already expired. Now is the time for motor insurance renewal. 

For first-time vehicle owners, this might also be your first time renewing your motor insurance. Since motor insurance is compulsory by law in Malaysia under the Road Transport Act 1987, motor insurance renewal is something that you’d have to do every year, as motor insurance in Malaysia has a standard coverage that lasts for one year.

Motor insurance renewal is no longer a hassle now, as you can compare and renew motor insurance instantly and conveniently. Instead of visiting a few insurers to compare the plans one by one and going to JPJ to renew your road tax, everything can be done online now, including on our platform.


Have your personal and vehicle information ready before your motor insurance renewal

Before you start looking for the best motor insurance plans and renewing your motor insurance, some information will be required, specifically your personal and vehicle information. So make sure all of the information required is ready. Similar to when you were buying motor insurance for the first time, some of the info needed may include:

  • Your full name
  • IC number
  • Contact number
  • Address/location
  • Vehicle number
  • Vehicle model

High-performance engines: Higher premium rates

Keep in mind that you may get a higher premium rate if you own a sports car or a vehicle with an intermediate to high-performing rear engine model, compared to average cars. However, this doesn’t mean you can’t lower your premium rate.

For example, if your driving record is good and only selects the coverage and benefits that you truly need (minus the unnecessary add-ons), you could get a lower premium rate.


Understanding motor insurance detariffication

First, as a newbie, you must understand the Malaysian detariffication of motor insurance (or the removal of tariff). Before 2017, Bank Negara Malaysia was the one that controls the calculation method for motor insurance premium.

Once the tariff was removed, insurance companies can now implement their ways for premium calculation. Risk-based pricing is often the method used to determine your premium rate.


Risk-based pricing: The new method of premium calculation 

This means that aside from relying solely on your vehicle information such as engine capacity and market value for premium calculation, your risk factors will also be considered, such as your driving record, gender, and age.

This detariffication isn’t necessarily a bad thing, as you can expect better premium rates, various product selections, and improved customer service, as insurance companies are now competing with one another to provide the best plans for consumers.


How you can take advantage of the risk-based pricing method

Your premium rate will be higher the more risk you carry based on this method, and vice versa. You can try to lower your premium rate by knowing what insurers consider as risk factors, like:

How you use your car

  • If you’re commuting to work daily, chances are your premium rate will be higher, especially the further your office is located and where you drive (like the highway), compared to a housewife who only uses her car to run errands.

Type of your car

  • As mentioned previously, you may get a higher premium rate if you own a sports car or a vehicle with an intermediate to high-performing rear engine model, compared to average cars. 

Your claims history

  • Claims made previously indicate that you’re a high-risk driver. Therefore your premium rate will be higher.

Your level of education or occupation

  • As unfair and discriminatory as it is, the better your level of education or occupation, the lower the risk you carry, as perceived by insurers.

Your gender

  • If you are female, you may be in luck as your premium rate could be lower than most male drivers because female drivers are safer and drive more carefully.
  • According to The Global Status Report on Road Safety published by the World Health Organisation (WHO) and the World Bank in December 2018, Malaysia had 7,152 deaths in 2016; 87% were males and 13% females. 

Your age

  • Young and less experienced drivers are perceived as high-risk drivers, so the premium rate will be higher. 

Your location

  • City-dwellers will often get a higher premium rate compared to those living in rural areas because most cities have a higher rate of vandalism, theft, and road accidents.


Now that you know what risk factors are taken into consideration by insurance companies when calculating premium rates, it’ll be easier for you to figure out a way to get a cheaper premium rate.

There are at least two things that you can do to lower the premium rate, for example: 


Highlight your good driving record and zero claims history

  • Both will be in your favour.

Increase the security of your car

  • Ensure the auto-locks and alarms are working all the time. Install a few things if you can afford it, like a dash-cam. Reduce the risk of vehicle theft or damage by parking at a safe or well-guarded location. 

Avoid unnecessary add-ons

  • The more add-ons you opt-in to your plan, the more expensive your premium will be. Agents may try to sweet-talk you into add-ons that you might not even need. So think carefully about what you need as a driver. 

Once you fully understand how motor insurance detariffication plays a role in determining your premium rate and how to lower it, you can start setting up your profile on our platform for motor insurance renewal. Receive quotes, compare, and make add-ons instantly from the comfort of your home!

Myths About Purchasing Motor Insurance, Debunked

Myths About Purchasing Motor Insurance, Debunked

Insurance is one of the essential things in your life that you’ll need. Its biggest benefit is that it could protect you and your loved ones, financially speaking.

It acts as your safety net should something happen to you. If you’re the breadwinner of your household, having insurance is definitely more important than ever.

Myths About Purchasing Motor Insurance, Debunked

Why the myths about purchasing motor insurance aren’t true

Despite insurance being handy in emergencies, many people avoid being insured due to confusion and several misconceptions surrounding insurance. If you are one of them, we’re debunking some myths for you now.

Thanks to the myths surrounding insurance, many people have missed out on the benefits it offers. Hopefully, we can convince you to change your mind about purchasing motor insurance by debunking these myths. Find out the top five myths about purchasing motor insurance and why they are not true: 


1. Motor insurance is too expensive.

The amount of your insurance premium depends on what kind of motor insurance you’re getting, the add-ons you opted for, and things like your age and health condition. For motor insurance, insurers will calculate the premium rates based on risk factors such as age, gender (yes, sexism still rules, unfortunately), residence, claim history, and occupation.

If you’re worried about your limited budget and feel like it’s a hassle to look around for the right insurance, you can easily use a comprehensive online marketplace for insurance to seek advice, compare insurance and get free quotes instantly without the trouble of going from place to place. 


2. Young and single people with no dependents don’t need insurance.

Life is unpredictable, and not to sound dramatic, but tragedies like accidental death, disability, or critical illnesses could befall anyone regardless of age. At least with the right motor insurance, rest assured that you’ll be protected financially. 


3. There’s no need for insurance when the government has already offered healthcare initiatives and subsidies for Malaysians.

Yes, you’re only required to pay RM1 or RM5 if you go to a government clinic or hospital, but there may be other fees involved depending on your situation and health condition. And yes, there are already a few healthcare initiatives by the government like Peka B40but not everyone is eligible. It always helps to have an extra cushion.


4. The company’s insurance is sufficient.

Sure, if you plan to work for the same company for the rest of your life. But then again, there’s a possibility of being retrenched. What are you going to do if you lose your job and need proper medical treatment, but it’s expensive, and your life savings are barely enough to cover you and your family?

Without insurance to back you up, you’re literally digging your own grave. Sorry if that sounds morbid, but it’s the truth that everyone should consider taking seriously. Relying solely on your company’s insurance is not sustainable in the long run.

Besides, most companies only provide health/medical coverage. If you commute to your office daily and are often out and about for work, it’s even more critical that you’re backed by motor insurance.


5. Your basic motor insurance is enough to cover you.

Also known as the Act cover, this is only a base coverage to correspond with the Road Transport Act 1987. It only involves legal liability for death or bodily injury to a third party (excluding passengers).

Motor insurance is compulsory for vehicle owners, be it a car or a motorbike. However, your basic motor insurance is not sufficient to cover you. Hence, it’s better to get additional coverage. There are three types of motor insurance to choose from, which are:


i. Comprehensive coverage

The most recommended coverage as it covers pretty much everything, in the event where there’s damage to your vehicle because of accident, loss or damage to your car due to theft or fire, damage to another party’s property, and injury or death to another party.

Also known as the first party policy, this coverage also offers optional benefits (subject to agreement), for example, Personal Accident and Medical Benefits for driver and/or passengers, windscreen breakage cover, or even coverage for damage to your vehicle caused by natural disasters or civil commotions like riots.


ii. Theft and third party fire coverage

Also known as the second party policy, this coverage protects your vehicle from the loss or damage caused by theft or fire, damage to another party’s property, and injury or death to another party.


iii. Third-party coverage

Also known as the third party policy, this coverage only covers damage to another party’s property and injury or death to another party.


Choosing the right insurance is very important, and finding the right type of insurance can be daunting due to so many options.

When in doubt, simply use online insurance aggregator like Fatberry to sort out the best insurance where you can compare and get free quotes instantly–all in less than 3 minutes!