Symbo Platform Holdings (“Symbo” or “the Company”), a Singapore-based InsurTech platform, announced the completion of a US$9.4 million funding round led by CreditEase Fintech Investment Fund. The round also saw significant participation from San Francisco-based investment firm Think Investments along with follow on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
Established in 2017, Singapore-based Symbo’s sophisticated 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.
With the new investment, the Company will bolster its core technology platform and leadership team to bring its offerings to scale across India & 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 proportion 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.
Commenting on the Series A raise, Symbo’s Co-Founder and CEO Adrit Raha 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.”
“Digital-driven insurance and healthcare markets have huge potential, especially in India and Southeast Asia where customers are largely underserved, struggling to manage their insurance policies or ending up being sold generic and irrelevant products,” said Dennis Cong, Managing Partner of CreditEase Fintech Investment Fund. “Symbo is well positioned to bring corporate and individual customers brand new experiences by providing customised products in a more accessible and convenient way. Insurtech and healthtech are key areas we are focusing on and we expect Symbo to help more people get better protected.”
The latest funding round follows the Company’s acquisition of Singapore-based digital health platform Vivant, bringing a comprehensive and highly complementary digital health offering to its robust InsurTech platform, and deepening its client base 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. The combined technology platform empowers over 80,000 agents and 45 technology licensing partners, supporting over USD 100 Million in annual GWP across India, Malaysia, Singapore and Indonesia.
About Symbo Platform Holdings
Incorporated in 2017, Singapore based Symbo is one of the region’s leading InsurTech companies. Symbo’s technology supports agents, TPA’s, brokers, corporates and insurers in the seamless purchase, distribution and administration of insurance across India and Southeast Asia. The comprehensive platform supports over USD 100 Million in annual GWP spanning life & general insurance across personal and commercial lines.
About CreditEase Fintech Investment Fund
Founded in February 2016, CreditEase Fintech Investment Fund (“CEFIF”) is a $1 billion venture fund investing in Fintech companies globally. The Fund was named “Top 9 Fintech Unicorn Investors” globally by CB Insights and listed on “Most Active Fintech Investors 2019” by Financial Technology Partners. The fund was also nominated for “Top Fintech Equity Investor” Award at LendIt USA Annual Conference. en.cefintechfund.com
About Think Investments
Think Investments is a global investment firm headquartered in San Francisco, California. Think uses fundamental, proprietary research to identify exceptional investment opportunities in both public and private companies with an emphasis on emerging markets.
About Integra Partners
Integra Partners is a venture capital firm that was founded in 2015 with a mission to fund the future and drive access to financial services and healthcare in Southeast Asia. The firm is based in Singapore.
About Insignia Ventures
Insignia Ventures Partners is an early-stage technology venture fund focusing on Southeast Asia started in 2017 and manages capital from premier institutional investors including sovereign wealth funds, foundations, university endowments, and renowned family offices from Asia, Europe, and North America. Insignia Ventures Partners is the recipient of “Most Innovative Early-Stage Tech Partner – Southeast Asia” (2020) from Capital Finance International, “Investor of the Year” (2019) from New Entrepreneurs Foundation, “Best Early-Stage Technology Venture Capital Fund – Southeast Asia” (2020) by APAC Insider, and two back-to-back “VC Deal of Year” awards for Payfazz (2019) and Carro (2018) from the Singapore Venture Capital and Private Equity Association. Its portfolio includes many other technology leaders in Southeast Asia.
See more at http://www.insignia.vc/