Singapore-based insurtech startup Symbo Platform Holdings raised $9.4 million in a round led by CreditEase Fintech Investment Fund (CEFIF) and San Francisco-based Think Investments. The round also saw participation from existing investors Integra Partners, Insignia Ventures, and AJ Capital.
In a statement, the startup said a large portion of the fund has been earmarked for investments in Symbo’s Indian affiliate.
The Indian arm, Symbo India Insurance Broking, has been mainly working towards simplifying insurance for customers. It is helping users buy covers personalised to their needs.
The startup said it provides small-ticket products such as marathons, fitness, and spectacle covers. In India, Symbo works with clients including Bajaj Finserv Health, eyewear retailer Lenskart, corporate entities, and insurance industry incumbents.
“With the proceeds of this round, Symbo intends to continue investing in its core technology and leadership team to bring its offerings to scale,” the statement said. “Key areas of investment will be recruitment across technology and product functions, along with senior business development hires in Singapore, Malaysia, and Indonesia.”
Symbo, founded in 2017, is a tech platform used by individual agents, third-party administrators, brokers, insurers, and corporate entities across India and Southeast Asia for distribution, purchase, and administration of insurance products.
In India, it has three distribution mechanisms: enterprise, affinity, and point of sale partners.
The startups claimed that it supports more than 80,000 agents and 45 technology licensing partners, thereby supporting over $100 million in annual gross written premium across India, Malaysia, Singapore, and Indonesia.
“Our vision and mission are to be an innovative insurance business, providing best-in-class claims, consulting, and buying experiences to our customers and partners,” said Anik Jain, Co-founder and CEO of Symbo India Insurance Broking. “The funding will be used to strengthen our technology and expand our agent and partner footprint, so we can continue to drive insurance penetration in the country.”