back Back

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

By Leandra Monteiro

March 04, 2021

  • India
  • Insurtech
Share

Symbo, InsurTech, Singapore, CreditEase FinTech, funding, Southeast Asia, India

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.

Previous Article

March 04, 2021

Razorpay announces ESOP sale of $10 mn for third consecutive year

Read More
Next Article

March 04, 2021

PPRO integrates Satispay’s e-wallet to boost payments portfolio in Italy

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

India

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

LTIMindtree & Eurolife FFH to setup Gen Al and Digital Hubs in Europe and India

Read More

February 22, 2024

Revolut launches Robo-Advisor to automate investment processes

Read More

February 22, 2024

Bud & Fintech Galaxy bring AI-led Open Banking solutions to MENA

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023