Ouch! secures US$1.16 mil amid extended Bank Negara Malaysia Sandbox approval 

• PPB Ventures joins Ouch!’s key investors, including OSK Ventures, RHL & Vynn Capital
• Funds will be used to grow market share, upgrade technology & fuel product innovation

Malaysia's pioneering digital takaful operator, Ouch!, has secured US$1.16 million (RM5 million) in its recent fundraising round from PPB Ventures Sdn Bhd. Alongside this financial boost, the startup has also received an additional one-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox, strengthening its goal to provide accessible takaful solutions. PPB Ventures joins a long list of Ouch!’s key investors, including OSK Ventures, RHL, and Vynn Capital, in supporting the company’s efforts to provide accessible takaful solutions.

With Malaysia’s takaful market showing significant growth, specifically a 7.55% increase in Family Takaful gross contributions, and total contributions reaching almost US$2.1 million (RM9 billion), as noted by the Malaysian Takaful Association, this funding will propel Ouch!’s mission to meet the rising demand for accessible, Shariah-compliant financial protection. The startup fundamentally aims to establish a secure digital platform to serve every Malaysian, considering approximately 30 million Malaysians remain underserved in terms of financial protection.

In this vein, the funds will be invested to expand market share, enhance technology infrastructure, and drive product innovation to better serve the community. One of Ouch!’s primary objectives lies in the transition from its current reliance on a third-party core system to a proprietary, independent system using  a suite of cutting-edge technological innovations. Ouch! is also working towards securing a DITO licence from BNM, which will enable the company to close critical protection gaps for Malaysians, especially young families.

“We are thrilled with the support from PPB Ventures as we push forward with our mission to redefine financial protection in Malaysia through Shariah-compliant, digital-first takaful solutions,” said Shazy Noorazman, CEO of Ouch! Protect Berhad. “With the backing of our investors, we’re poised to strengthen our technological capabilities and drive innovation in the digital takaful space. The sandbox extension and DITO licence are game-changers, enabling us to offer even more personalised and accessible takaful solutions for Malaysians.”

A small percentage of the funds will also be earmarked as Ouch!’s reserve capital for BNM’s Sandbox testing and to support the DITO licence process, enabling the company to offer a broader range of customised takaful products. Ouch! added that it will continue to build on its growth, with plans to initiate a subsequent fundraising round later this year to meet the minimum capital requirements for the DITO licence, reinforcing its commitment to advancing the needs of Malaysian households and families.