20 November, 2024

bolttech and HSBC close up to USD50 million venture debt facility

bolttech, a fast-growing global insurtech company, today announced the closing of a USD50 million venture debt facility with HSBC. The facility will support bolttech’s future strategic growth initiatives, including market expansion and pursuing opportunities to strengthen its technology and product capabilities while enhancing operational flexibility.

Jonathan Yip, Managing Director, Innovation Banking, HSBC, said, “We are pleased to offer our venture debt solution to bolttech as they accelerate their growth journey. The bespoke facility structure provides the flexibility necessary for high-growth and innovative companies such as bolttech to capitalise on emerging trends and opportunities.”

Romaney O’Malley, Group CFO, bolttech, said: “With HSBC, we are partnering with a leading global bank for strategic financing opportunities that will support our growth, while extending our existing banking partnership. This facility reflects HSBC’s confidence in bolttech’s vision and growth trajectory, marking a partnership that will drive mutual value.”

As a key banking partner for bolttech, HSBC has supported the company’s growth journey since 2019, providing a wide range of banking and financing services throughout its business across more than 14 countries.

The multi-year bespoke credit facility is structured to provide flexible utilisation, allowing bolttech to further capitalise on the rapidly growing global embedded insurance market. HSBC serves as the sole lender for the transaction.

HSBC has been providing strategic financing solutions, banking services and advisory support to emerging companies in new economy sectors such as tech and life science. Since May 2023, the Bank has also introduced venture debt as a complementary tool for investor-backed, growth stage businesses in the innovation economy.

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About bolttech

bolttech is a global insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in over 35 markets across North America, Asia, Europe, and Africa. With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.

For more information, please visit: www.bolttech.io.

About The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.

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