Bangkok-based insurtech startup Sunday raises $45 million in Series B funding
- ByStartupStory | September 3, 2021
Sunday, Bangkok-based insurance startup has raised $ 45 million in Series B funding. Investors include Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia and India, Quona Capital, Aflac Ventures and Z Venture Capital. According to the company, the round was oversubscribed and revenue growth doubled in 2020.
Founded in 2017, Sunday describes itself as a “full stack” insurance company. That is, it handles everything from underwriting to policy distribution. Its products currently include car and travel insurance, which can be purchased online, and Sunday Health for Business, a medical insurance program for employers. On Sundays, we also offer subscription-based smartphone plans through our partners.
The company uses AI and machine learning-based technology to underwrite car insurance and employee health insurance products. He added that the data model can automate pricing and extend the underwriting process for complex risks. On Sunday, it says it is currently servicing 1.6 million customers. The new funds will be used to expand in Indonesia and develop new distribution channels, including insurance agents and SMEs.
In a statement, Sunday co-founder and chief executive officer Cindy Kuo said, “Awareness for health insurance will continue to increase and we believe more consumers would be open to shop for insurance online. We plan to expand our platform architecture to offer retail insurance to our health members and partners while we continue to grow our portfolio in Thailand and Indonesia.”
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