InsurTech Symbo raises US$9.4 mn to scale offerings in SE Asia and India

By Leandra Monteiro

Singapore-based InsurTech, Symbo Platform Holdings announced the completion of a US$9.4 million funding round led by the CreditEase FinTech Investment Fund.

San Francisco-based investment firm Think Investments along with investments from existing investors Integra Partners, Insignia Ventures and AJ Capital were also part of the round.

With the new investment, the company plans to bolster its core technology platform. Symbo also has plans to enhance its leadership team in order to bring its offerings to scale across India and Southeast Asia.

The company is targeting senior business development hires in Singapore, Malaysia and Indonesia wherein their key areas of investment include recruitment across senior technology and product functions.

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.

Prior to the funding round Symbo acquired 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.

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.”

Established in 2017, Symbo’s 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.

The company’s notable engagements include AXA Affin General Insurance Berhad (Malaysia), PM Care (Malaysia), Bajaj Finserv Health, and many more corporates, insurers and national retailers. As reported by the company its platform has over 80,000 agents and 45 technology licensing partners, supporting over USD 100 million in annual GWP across India, Malaysia, Singapore and Indonesia.