Hong Kong’s OneDegree Says It’s Been Approached by SPACs

, Bloomberg quint

OneDegree, a Hong Kong-based insurer of digital assets, has been approached by investment banks about going public through a blank-check company, its co-founder said. The firm, one of four with a so-called virtual insurer license in Hong Kong, expects to carry out a funding round in coming months to finance expansion, Alvin Kwock said in an interview without giving specifics. He said no decision has been made on whether to merge with a SPAC. OneDegree raised $28 million in August. 

OneDegree, founded in 2016, said sales jumped 30% in the first quarter from the previous three months, and that its number of customers has doubled to 200,000 since last summer. It is now seeking to compete with traditional insurers in areas including pets, health and real estate, Kwock said.

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