Insurtech Singapore Life has snapped up prepaid Visa card brand Canvas from local payments firm Yolopay.

As part of the deal, Yolopay marketing director Liam McCance moved to Singapore Life.

He will assume the role of chief marketing officer and also as head of the fintech venture arm at the insurtech.

Singapore Life founder and CEO Walter de Oude said: “Along with our increasing number of wealth-centric product verticals, Canvas is a great addition to the Singapore Life family and adds payment functionality to our core offerings.

“We are constantly looking to adapt and evolve our technology to provide value-added services to our customers.”

Furthermore, the Canvas app enables parents to manage spending of their children through a prepaid Visa card.

Through the app, parents will be able to adjust the expenditure limits by the hour. They will also be able to disable use through the app.

The app can be availed by Android and iOS users in the middle of this year.

Singapore Life’s recent fundraising:

The latest deal follows Singapore Life’s fundraising of $33m through two investments. In addition, these include a funding of $20m from US-based insurer Aflac in December 2018.

Last month, Singapore Life raked in an additional $13m funding from Aberdeen Standard Investments.