Singapore based mostly Insurtech Symbo Secures $9.4M to Broaden Protection Throughout India and Southeast Asia

Singapore-based Symbo Platform Holdings, an Insurtech platform, has finalized a $9.four million funding spherical that was led by the CreditEase Fintech Funding Fund.

Symbo’s funding spherical included contributions from San Francisco’s funding firm Suppose Investments together with investments from present traders AJ Capital, Insignia Ventures, and Integra Companions.

With this newest funding, the Symbo group plans to boost its core know-how stack and additional help a dynamic management group in an effort to deliver its product choices to scale throughout India and the broader Southeast Asia area.

Key areas of focus and funding embrace hiring new expertise throughout senior tech and product roles, together with new senior enterprise growth hires for places of work in Malaysia, Indonesia, and Singapore.

Proceeds from the funding spherical will even be channeled into Symbo’s Indian affiliate, with the purpose of buying full possession of the enterprise (which is topic to relevant and customary regulatory clearance).

This new funding spherical has come after Symbo acquired Singapore’s digital well being platform Vivant, which was carried out to deliver on a complete digital well being providing to its platform and additional develop its buyer base throughout India and Southeast Asia.

Launched in 2017, Symbo’s Insurtech providers goal to help brokers, third-party directors, brokerages, firms and insurance coverage corporations within the buy, distribution and administration of insurance coverage.

Symbo’s engagements embrace AXA Affin Common Insurance coverage Berhad (Malaysia), PM Care (Malaysia), Bajaj Finserv Well being, and different main corporates, insurance coverage service suppliers and nationwide retailers as effectively.

The Symbo platform claims greater than 80,000 brokers and 45 tech licensing companions. It  helps greater than $100 million in yearly GWP throughout India, Malaysia, Singapore and Indonesia.

Adrit Raha, Co-Founder and CEO at Symbo, acknowledged:

“My colleagues and I are thrilled to welcome CreditEase Fintech Funding Fund and Suppose Investments to the corporate, and are additionally extraordinarily grateful to Integra Companions, Insignia Ventures and all our traders for his or her continued help. That is the dream group of traders and their deep information of Asia will play a pivotal position in Symbo’s continued development. With this vital funding, we’ll quickly scale our main know-how platform to enhance the supply of insurance coverage to hundreds of thousands of underinsured people and households throughout India and Southeast Asia.”