Symbo Platform Holdings, InsurTech of the Year finalist at the 5th Asia Trusted Life Agents & Advisers Awards, announced the completion of a US$9.4 million funding round led by CreditEase Fintech Investment Fund.
The round also saw significant participation from San Francisco-based investment firm Think Investments along with follow on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
Established in 2017, the Singapore-based insurtech platform supports agents, third party administrators (TPAs), brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.
See: InsurTech of the Year winner 2020
With the new investment, Symbo will bolster its core technology platform and leadership team to bring its offerings to scale across India & Southeast Asia.
Key areas of investment include recruitment across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia.
A large proportion of the funds has also been earmarked for investment into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business, subject to applicable regulatory approvals.
“My colleagues and I are thrilled to welcome CreditEase Fintech Investment Fund and Think Investments to the company, and are also extremely grateful to Integra Partners, Insignia Ventures and all our investors for their continued support,” said Symbo’s Co-Founder and CEO Adrit Raha. “With this significant investment, we will rapidly scale our leading technology platform to improve the delivery of insurance to millions of underinsured individuals and families across India and Southeast Asia.”
Dennis Cong, Managing Partner of CreditEase Fintech Investment Fund, said: “Digital-driven insurance and healthcare markets have huge potential, especially in India and Southeast Asia where customers are largely underserved, struggling to manage their insurance policies or ending up being sold generic and irrelevant products.
“Insurtech and healthtech are key areas we are focusing on and we expect Symbo to help more people get better protected.”
See: InsurTech of the Year winner 2019
The latest funding round follows the Company’s acquisition of Singapore-based digital health platform Vivant, bringing a highly complementary digital health offering to its robust InsurTech platform, and deepening its client base across India and Southeast Asia.
Symbo’s notable engagements include AXA Affin General Insurance Berhad (Malaysia), PM Care (Malaysia), and Bajaj Finserv Health. The combined technology platform empowers over 80,000 agents and 45 technology licensing partners, supporting over US$100 Million in annual GWP across India, Malaysia, Singapore and Indonesia.
Find out more about the Asia Trusted Life Agents & Advisers Awards.
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