International Finance

Thailand-based insurtech Sunday raises $9 mn to expand in SE Asia

The funding round is led SCB 10X, the venture capital arm of the Siam Commercial Bank

Thailand-based insurtech startup Sunday has raised around $9 million in its Series B funding round, the media reported.

The funding round for Sunday was led by SCB 10X, the venture capital arm of the Siam Commercial Bank.

Existing investors including Vertex Ventures Southeast Asia and India, Quona Capital, and new investor LINE Ventures also participated in this funding round.

Sunday co-founder and CEO Cindy Kua told the media, “In times of great uncertainty, consumer demand will shift towards affordable core insurance products that truly help with risk management. As a team, we believe Sunday is uniquely positioned to deliver one-stop personalised insurance coverages and services that meet these evolving risks and growing demands from businesses and individuals in Southeast Asia.”

According to the startup, the funds will be used to support the its growth plan in Thailand as well as Indonesia.

The funds will also be used to deepen its proprietary employee benefits platform and superapp Sunday Service.

Established in 2017, the insurtech integrates artificial intelligence (AI) to offer personalised insurance products to its customers digitally.

Last year, Sunday has raised around $11 million in its Series A funding round from investors such as Quona Capital. It has also raised another $10 million from Vertex Ventures SEA and India.

The Thailand Insurance Commission has made it mandatory for all foreign travellers coming into the country to have a Covid-19 insurance.

Thailand Insurance Commission Secretary-General Suthipol Taweechaikarn said that he had approved the new regulations and the policies will be sold online and become valid as soon as the traveller passes through immigration in Thailand.

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