Insurtech Symbo Secures US$9.4 Million Funding to Scale Its Platform in SE Asia and Indiaby Fintech News Singapore March 4, 2021
Symbo Platform Holdings, a Singapore-based insurtech platform, announced the completion of a US$9.4 million funding round led by the CreditEase Fintech Investment Fund.
The round also saw participation from San Francisco-based investment firm Think Investments along with follow on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
With the new investment, the Symbo aims to bolster its core technology platform and leadership team to bring its offerings to scale across India and 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 portion 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.
The latest funding round follows Symbo’s acquisition of Singapore-based digital health platform Vivant, bringing on a complementary digital health offering to its platform and deepening its client base across India and Southeast Asia.
Established in 2017, Symbo’s insurtech platform seamlessly supports agents, third party administrators (TPAs), brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.
Symbo’s notable engagements include AXA Affin General Insurance Berhad (Malaysia), PM Care (Malaysia), Bajaj Finserv Health, and many more leading corporates, insurers and national retailers.
Its platform reportedly has over 80,000 agents and 45 technology licensing partners, supporting over USD 100 million in annual GWP across India, Malaysia, Singapore and Indonesia.
Commenting on the Series A raise, Adrit Raha, Co-Founder and CEO of Symbo said,
“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.
This is the dream team of investors and their deep knowledge of Asia will play a pivotal role in Symbo’s continued growth. 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.”
Featured image: Adrit Raha, Co-Founder and CEO of Symbo