Singapore: Symbo Platform Holdings, a Singapore-based insurtech platform, has raised US$9.4 million in a Series A funding round, led by CreditEase fintech investment fund.
The company said in a statement that it will use the fresh funds to bolster its core technology and hire for roles across tech, product and leadership in Singapore, Malaysia and Indonesia.
A large proportion of the money has also been earmarked for investment into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business.
Additionally, the startup has also announced the acquisition of Vivant, a digital health platform based in Singapore, to deepen its client base by adding healthcare services into its platform.
Founded in 2017, Symbo supports agents, third-party administrators, brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.
Symbo claims to have empowered over 80,000 agents and 45 technology licensing partners, supporting over US$100 million in annual GWP across India, Malaysia, Singapore and Indonesia.
“The deep knowledge of our investors in 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,” Symbo co-founder Adrit Raha said.