Smarter Insurance, Powered by A.I.



  • Fatberry was founded in 2017, with a mission to empower consumers to easily compare, customize and purchase insurance products online.
  • The Company spent its first 2 years forging partnerships with major insurance companies in Malaysia and developing its digital platform technology. It ran an early beta version of its platform for about a year before launching a full commercial version in April 2020.
  • To date, the company has partnered with more than 10 insurance companies. The company’s A.I. enabled digital insurance marketplace powered platform allows consumers to easily compare and purchase general insurance products  in less than 3 minutes.
  • Today, Fatberry is one of the leading digital insurance marketplaces in Malaysia. But we don’t plan to stop there. Our vision is to become the number 1 market place in the region.
  • The Company has formed a partnership with Visa to launch a major promotional campaign where consumers get to purchase a car road tax at RM1 when they purchase a car insurance from Fatberry using a Visa debit or credit card.
  • The company is experiencing hyper growth currently, partly due to the increased digital behaviour consumer preference due to COVID-19 lockdown situation. The Company has on average charted 100% growth in sales every month for the last 4-5 months (June - November 2020)

Fig 1 - The company’s recent partnership with Visa



Whether you are a young working adult or a senior citizen  almost everyone needs insurance of some form. Insurance is an important tool that provides protection for us and our family from unexpected events. But insurance penetration rate in Malaysia continues to remain low, due to various factors:

  1. Insurance products are perceived to be too complicated. Customers often do not know what is included and excluded in their insurance policy. Furthermore, there are no easy way for customers to compare insurance products before buying
  2. More than 80% of the insurance policies in Malaysia are bought via agents or brokers. These agents could be recommending only products of insurers they recommend, and not necessary what are best fit for the customers. On top of that there is always a question in consumer’s mind on whether the agents are incentivised by fees when it comes to recommending insurance products. Agents also tend to focus on high margin products which are typically pricier, and tend not to promote the more affordable insurance to the B40 consumers due to the low commission.   
  3. In Malaysia, for general insurance each agent can only represent 2 insurers. Since most customers do not have the time to meet multiple agents before making a purchase decision, they do not have the opportunity to understand all the insurance products available in the market before making an informed choice.



We have created a one-stop digital insurance marketplace platform that makes purchasing insurance online a fuss-free experience. For example, on our platform, customers can choose from more than 10 car insurance products on our platform, and complete their purchase in less than 5minutes. It comes with an option to add on a car road tax at one additional click.

To champion financial inclusiveness and transparency, Fatberry’s platform provides easy-to-understand insurance terms in layman language so that consumers will not be confused with technical insurance jargons and can compare all features of insurance products besides the pricing of those products.

In addition, our AI powered platform will utilise data analytics and behavioural analysis to provide the best user experience, guiding users to their desired ability to compare, customize and purchase the insurance products best suit to their needs on Fatberry’s platform



Available on Fatberry.com , in desktop Web and mobile Web format, our digital insurance marketplace currently provides only motor insurance and travel insurance products from our panel of insurers. We plan to introduce other category of insurance products such as medical insurance, pet insurance etc soon.

Fatberry’s insurance marketplace platform is developed inhouse, with AI-enabled data and behaviour analytics. It took years to design and develop the various modules of the platform.

Fig 2 - Fatberry’s platform architecture



With its full commercial launch in April 2020, Fatberry has recorded significant traction

Since July 2020, our monthly revenue has grown by 100% almost every month. In November 2020, Fatberry captured a monthly revenue of more than RM90,000. This monthly revenue figure will grow to six digits figure in December 2020, and is further expected to grow to a 7-digit monthly sales figure by mid 2021.



Currently, the vast majority of Fatberry’s customers comes from major cities in Selangor, Johor and Penang, as well as Kuala Lumpur, and are aged between 25-44. We are targeting young working adults for their general insurance needs. In particular the focus group would be  millennials and post-millennials who are born digital native, expects to do everything fast, convenient and online.



Our business model involves making a commission fee from successful online sales of insurance products, as well as advertising income from partners.

Insurance is an attractive recurring business. Once we acquire a customer, they are likely to renew with us every month / year. 


In addition, once a customer is acquired on our platform, we can cross sell different types of insurance products to them, including motor insurance, home insurance, medical insurance, life insurance, or even more specialized insurance products such as pet insurance. 

We estimate that if we acquire a customer who is in their 20s, we could benefit from a life-time value of up to RM45,000 per customer based on 20 years of insurance needs.



The Malaysian insurance industry entered 2020 in good shape – in 2019, new business total premium for Malaysia’s life insurance industry rose by 14.19% to RM11.8 billion, compared to RM10.3 billion registered in 2018.

In January 2020, a report published by GlobalData entitled Malaysia Life Insurance: Key trends and Opportunities to 2023 even predicted that the life insurance market will grow from RM46.7 billion to RM55.4 million, thanks to Malaysia’s rising working-age population and government’s initiative towards affordable insurance products.

Then, Covid-19 hit the world economy like a tsunami. As cities went into lockdowns, economic activities together with household disposal incomes have come to a halt, forcing consumers to spend prudently. This is expected to batter insurance demand.

Nevertheless, we believe the pandemic is a catalyst that will permanently shift consumer’s spending habits to make more purchases (including purchase of insurance) online. Already, consumers have been increasingly adopting digital tools in their everyday lives. We believe that the insurance industry is now ripe for disruption.

As such, we believe there is massive market opportunities to be exploited in the insurtech industry.


We believe that the insurance market is huge enough for multiple online players to thrive, due to the low insurance penetration rate and insurtech being a nascent industry in Malaysia.

There are several online insurance players in Malaysia, such as Policy Street and Bjak, but we believe none is as committed on technology focus and a b2c approach as we do. In order to differentiate ourselves, we plan to emphasize on simplicity – for example, customers can buy motor insurance in our platform in less than 3 minutes.



To date, Fatberry has received approximately RM1.1 million in funding.

Fatberry is seeking to raise up to RM3 million at a pre-money valuation of RM6 million. The company has secured a cornerstone investor – Australian ASX-listed tech investor Fatfish Group Ltd (and/or its subsidiaries/related companies) (www.fatfish.co) has committed to invest RM1million in the current funding round and will underwrite a further RM1million for the round (i.e. Fatfish Group Ltd will invest minimum RM1 million up to a maximum of RM2 million in the current round).

Fatberry believes that this is the first time a Malaysian startup seeking equity crowdfunding round receives supports from three publicly traded companies.

Fatberry intend to utilise in the following manner:

i) Tech development – up to RM995,000

ii) Operation & working capital – up to RM745,000

iii) Marketing – up to RM745,000

iv) Repayment of shareholder and director’s advance – up to RM515,000



Our vision is to be the no.1 B2C insurance online marketplace in Malaysia, while championing financial inclusiveness and transparency.



Our existing investors include Swedish listed venture builder Abelco Investment Group AB (www.abelco.com) and Malaysia-listed Cloudaron Group Berhad (www.cloudaraon.com).

The company has secured a cornerstone investor in the form of Australian ASX-listed tech investor Fatfish Group Ltd (and/or its subsidiaries/related companies) (www.fatfish.co) which has committed to invest RM1million in the current funding round and underwrite a further RM1million for the round (i.e. Fatfish Group Ltd will invest minimum RM1 million up to a maximum of RM2million in the current round).

Fatberry believes that this is the first time a Malaysian startup seeking equity crowdfunding round receives supports from three publicly traded companies.



John Tan
Co-Founder / CEO

A charismatic business leader and entrepreneur with 20+ years experience in technology, web and mobile based enterprises. 6 years experiences in insurance agency + financial services


Kin Wai Lau
Co-Founder / Investor

Experienced entrepreneur that has led 7 IPOs/RTOs across Southeast Asia, Australia & Europe. Founder of Fatfish Group Ltd (ASX:FFG). IPOed his first company in Malaysia at the age of 28 years old. Former Malaysian scholar. Graduated from Uni. of Oxford / Manchester Uni. Research Associate at Imperial College London.



Dr. Ian Tan
Chief AI Officer

An experienced technologist with more than 25 years of industry and academia exposure in the field of supercomputing, software, data warehousing, big data, analytics, financial services and telecom. Graduated from Imperial College London / Warwick Uni / MMU.


Debbie Ang
Head of Marketing

A full-stack marketer with 5+ years experience in B2B, B2C, and SaaS. Helped global clients to build a strong online presence, and launch profitable businesses.


Eugene Khoo
Head of Corporate Affairs

A finance professional with more than 8 years of experience in accounting and finance. Former investment banker at CIMB Investment Bank. ACCA member and CFA charterholder.


Angelina Christine Lee
Operation Managers

An experienced Operations Manager with a collective of nine years of service and operation experiences from various industries.


Hana Azmi
Head of Partnership

An experienced manager with extensive experience in the hospitality industry and high-priority customer development area.


Syikin Md Hashim
Product Team Lead

5+ years insurance agency experience in product knowledge, processes and insurance related FAQ.


Emma Shukor
Customer Journey Lead

Dedicated and tactful leader with significant knowledge and experience in resolving complex customer enquiries.


  • Oriental Daily - Fatberry Online Insurance Platform (Link)
  • 2019 Study on Insurtech Landscape in Malaysia (Link)
  • The Edge - Reshaping The Life Insurance Landscape (Link)
  • The Edge - Fatberry.com Aims To Reach 2 million Users (Link)
  • No shares will be allotted or issued based on this document after six months from the closing of the offer period.
  • This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
  • This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.

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Fatberry records 100% M-o-M growth over the past 6 months

almost 2 years ago by Tan Koon San

Based on the results as at December 2020, Fatberry has recorded a stellar growth of +100% compared to November 2020.

This shows that Fatberry is officially in a hyper-growth phase, having doubled its revenue every month for the last 6 months.  

Fatberry believes this insurance digitalisation trend will continue as consumers increasingly move towards purchasing insurance online amidst the Covid-19 pandemic.


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