Symbo Platform Holdings, an Insurtech startup, has secured a $9.4 million funding round led by CreditEase Fintech Investment Fund and Think Investments, a San Francisco-based investment firm. Existing investors – Integra Partners, Insignia Ventures and AJ Capital also participated in the latest funding round.
“With the proceeds from this round, Symbo intends to continue investing in its core technology and leadership team to bring its offerings to scale. The key areas of investment will be recruitment across technology and product functions along with senior business development hires in Singapore, Malaysia and Indonesia,” a statement said.
The funds will be mainly utilised for investment into Symbo’s Indian affiliate. “Our vision and mission is to be an innovative insurance business providing best-in-class claims, consulting and buying experiences to our customers and partners. 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,” said co-founder and CEO of Symbo India Insurance Broking – Anik Jain.
Symbo aims to serve the insurance industry across product, distribution and operations. Its’ services span all lines of insurance with capabilities across reinsurance and direct insurance (general and life, personal and commercial). For direct insurance, it helps source and design risk-appropriate insurance coverage for clients. The reinsurance platform is a workflow automation solution built to digitise and facilitate the exchange of complex reinsurance transactions amongst cedents, reinsurers and brokers.
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