India, May 13 -- Weeks after acquiring algo-trading platform Stratzy, fintech unicorn and Dhan parent Raise Financial Services has acquired GreenLife Insurance Broking Pvt Ltd (GIBL) in a cash-and-stock deal.

However, the unicorn did not disclose the financial terms of the deal.

The acquisition will mark the startup's foray into the insurance distribution space as it looks to become a full-stack fintech platform. It plans to invest $15 Mn in GIBL to build a direct consumer insurance distribution platform with major focus on product, technology & customer experience. Raise aims to build a hybrid distribution model with advisory-driven support across metro, Tier I & II markets.

Founded in 2013 by Subir Mukherjee, GIBL is insurance brokin...