CXA Group has announced that it will be restructuring to allow it to focus on growing its Saas technology business and global expansion to Europe.
As part of the company's refocus, the firm is selling its brokerages in Singapore and Hong Kong to Pacific Prime, one of the largest specialist global benefits brokers, CXA announced in a statement on Friday.
«The stellar growth of CXA's SaaS business has prompted a new strategic approach for the organization which focuses entirely on this high-growth, scalable technology,» Rosaline Chow Koo, CXA founder and CEO, said.
Under its new strategic focus, CXA will direct its resources to helping banks, insurers and payroll companies use its platform to enhance their financial and digital service offerings. The company will also be «aggressively» expanding into new markets across Asia and Europe, the announcement said.
Strong Growth
CXA's SaaS business grew some 218 percent amid the Covid-19 pandemic as insurers and banks adopted its bancassurance platform for their enterprise and retail customer base. Overall, CXA Group grew 45 percent in 2020. During the year, the company laid off 12 staff members in a bid to drive profitability. It was also looking to raise raise $50 million in Series C funds.
Founded in 2013, CXA has raised $58 million to date, according to Crunchbase. Its backers including HSBC, Singtel Innov8, the Singapore Economic Development Board's investment arm EDBI and B Capital Group, the venture firm of Facebook co-founder Eduardo Saverin.
