Money & Banking

Symbo Platform raises $9.4 million in Series A funding

Our Bureau Mumbai | Updated on March 04, 2021

Major portion earmarked for investment into Symbo’s Indian affiliate

Insurtech start-up Symbo Platform on Thursday announced the completion of a $9.4-million funding round.

This was led by CreditEase Fintech Investment Fund and San Francisco-based investment firm Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital, it said in a statement.

“With the proceeds of this round, Symbo intends to continue investing in its core technology and leadership team to bring its offerings to scale,” it said, adding that 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 large part of the funds has also been earmarked for investment into Symbo’s Indian affiliate.

“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 Anik Jain, Co-founder and CEO, Symbo India Insurance Broking.

Published on March 04, 2021

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