Singapore-based insurtech firm Symbo Platform Holdings, announced the completion of a US$9.4 million (approx. SG$12.55 million) funding round led by CreditEase Fintech Investment Fund from China.
The round also saw significant participation from San Francisco-based Think Investments, along with follow-on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
The insurtech, which is active in India and Southeast Asia, said it will use the investment to bolster its core technology platform and leadership team to bring its offerings to scale across its core markets. It will focus on recruitment across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia.
A large part of the funds will be invested into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business, subject to applicable regulatory approvals.
The funding round comes after Symbo’s acquisition of Singapore-based digital health platform Vivant, expanding its health insurance offering and client base in the region.