Singapore based Insurtech Symbo Secures $9.4M to Expand Coverage Across India and Southeast Asia

 

Singapore-based Symbo Platform Holdings, an Insurtech platform, has finalized a $9.4 million funding round that was led by the CreditEase Fintech Investment Fund.

Symbo’s investment round included contributions from San Francisco’s investment company Think Investments along with investments from existing investors AJ Capital, Insignia Ventures, and Integra Partners.

With this latest investment, the Symbo team plans to enhance its core technology stack and further support a dynamic leadership team in order to bring its product offerings to scale across India and the wider Southeast Asia region.

Key areas of focus and investment include hiring new talent across senior tech and product roles, along with new senior business development hires for offices in Malaysia, Indonesia, and Singapore.

Proceeds from the funding round will also be channeled into Symbo’s Indian affiliate, with the goal of acquiring full ownership of the business (which is subject to applicable and customary regulatory clearance).

This new funding round has come after Symbo acquired Singapore’s digital health platform Vivant, which was carried out to bring on a comprehensive digital health offering to its platform and further grow its customer base across India and Southeast Asia.

Launched in 2017, Symbo’s Insurtech services aim to support agents, third-party administrators, brokerages, corporations and insurance firms in the purchase, distribution and administration of insurance.

Symbo’s engagements include AXA Affin General Insurance Berhad (Malaysia), PM Care (Malaysia), Bajaj Finserv Health, and other major corporates, insurance service providers and national retailers as well.

The Symbo platform claims more than 80,000 agents and 45 tech licensing partners. It  supports more than $100 million in yearly GWP across India, Malaysia, Singapore and Indonesia.

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

“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.”

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