Vietnamese digital insurance broker Saladin has raised an undisclosed amount in a Series A funding round led by SBI Ven Capital, as the startup looks to broaden its product mix beyond non-life policies and push deeper into segments that have traditionally relied on offline sales.
The round was backed by SBI Ven Capital through its joint fund with South Korea’s Kyobo Securities and also included Singapore’s NTUitive, Saladin said.
Existing and new investors also participated, including Monk’s Hill Ventures, Peak XV Partners and ICMG.
Founded in 2022, Saladin operates a digital-first brokerage and multi-channel distribution platform in Vietnam.
It sells insurance directly and through partner platforms, building embedded business-to-business-to-consumer (B2B2C) offerings that are integrated into consumer ecosystems such as payments, travel and healthcare services.
Saladin said it has partnered with 15 insurers in Vietnam and served nearly one million unique customers through its platform.
It also runs an agent and collaborator network, Saladin Pro, which it said has attracted more than 15,000 registered partners.
After the fundraising, the company plans to expand beyond non-life products into categories that often require consultation, including life insurance.
It aims to introduce term life and broader health protection products designed for online distribution, spanning both standard packages and tailored coverage.
The startup said it will invest in improving its claims and service operations and is using artificial intelligence tools to boost productivity, personalization and confidence in digital interactions.
It also plans to deepen partnerships with large enterprises in areas such as health, term life and travel insurance to co-develop products for end users.
The funding comes as Vietnam’s insurance market adapts to regulatory tightening and reforms that have disrupted bancassurance-driven growth in recent years.
For insurtechs, that creates both friction and opportunity: stricter oversight can raise compliance costs, but it may also accelerate the shift toward more transparent, tech-enabled distribution and servicing.
Saladin’s move into life and health will test whether a primarily digital model can scale in higher-touch products where underwriting, advice and claims handling tend to be more complex.