Symbo Platform Raises US$9.4M in Series A Funding

Symbo Platform Holdings, a Singapore-based insurtech platform, closed a US$9.4m funding round.

The round was led by CreditEase Fintech Investment Fund and Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital.

The company intends to use the funds to continue investing in its core technology and leadership team with recruitment across technology and product functions along with senior business development hires in Singapore, Malaysia and Indonesia and in its Indian affiliate.

Incorporated in 2017, Symbo is an InsurTech company whose technology supports agents, TPA’s, brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia. The platform supports over USD 100 Million in annual GWP spanning life & general insurance across personal and commercial lines.

In India, Symbo partners with Symbo India Insurance Broking Pvt Ltd. (SIIB), a composite insurance broker licensed led by Anik Jain, Co-founder & CEO, and regulated by Insurance Regulatory and Development Authority of India (IRDAI). The company’s technology helps SIIB’s network of ~50,000 Point of Sale Agents and large affinity customers by simplifying insurance for customers and helping them to buy covers based on their personalized needs.

The technology platform empowers over 80,000 agents and 45 technology licensing partners, supporting over US$ 100 million in annual GWP across India, Malaysia, Singapore and Indonesia. Internationally, Symbo also serves AXA Affin General Insurance Berhad (Malaysia), PMCare (Malaysia) and also has large clients in Indonesia.