Stay protected. This is Ouch!, a Malaysian startup that makes “takaful” insurance simple. Oh, and they’ve just raised  5M MYR ($1.2M) in funding from PBB Ventures.

• They raised a Pre-Series A last year.

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🤔 What’s Takaful?

In simple terms, takaful is a Sharia-compliant insurance that Muslims and non-Muslims can take.

• It’s essentially an arrangement that is based on cooperation and mutual assistance, protecting you and other eligible takaful participants.

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🤩 Taking takaful to the 2020s

Founded in 2018, Ouch’s app is modernizing the way people access takaful insurance.

All in one. Understand your coverage needs, buy your first policy, and make claims all in one app.

• Say bye to the agents, complex jargon, and add-ons we all know you don’t need!

Meet Pusara Pro. Their first takaful product is called Pusara Pro, which is similar to a life insurance product.

Protect you and your family in the event of an untimely death.

• Get up to 500,000 MYR (~117,000) in coverage with cash paid out within 24 hours of death. You’ll even get an extra 10% on top of your insured amount.
• Access it for as low as 4.13 MYR (~$1) per month.
• Buy the insurance and claim it entirely online.

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💥 What’s next?

Mom, I’m getting my license. They’re working to secure a DITO license (a license for digital insurers and takaful operators) from Malaysia’s Central Bank.

• They’ll also use the $$$ to grow their market share, build up their tech, and launch new products.