Sunday, a full-stack insurance startup based in Thailand, announces it has raised US$9 million in a pre-Series B bridge round of funding led by SCB 10X, the venture capital arm of the Siam Commercial Bank. The round was led by new and existing investors, including Vertex Ventures Southeast Asia and India, Quona Capital, and LINE Ventures, also participated.
The Bangkok-headquartered firm aims to deploy the new capital to support its rapid growth plans in Thailand and Indonesia while deepening its proprietary employee benefits platform and super-app ‘Sunday Service’ for health and motor insurance products and services.
Launched in 2017, Sunday uses Artificial Intelligence/Machine Learning and digital platforms to offer personalized insurance products and services “that suit all types of individual and business risks”. It has developed risk prediction algorithms that power its premium pricing and recommendation engines for health and motor coverages.
The insurance venture also offers self-services, such as disease symptom checker on the Sunday Service platform. Claims notification for vehicle damages is also available to make the claim journey easier.
“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 personalized insurance coverages and services that meet these evolving risks and growing demands from businesses and individuals in Southeast Asia,” said Sunday Co-founder and CEO Cindy Kua.
“Southeast Asia has more than 360 million internet users, who are the most engaged mobile internet users in the world. This makes it an attractive market for insurtech companies to offer online personalized products,” said Mukaya (Tai) Panich, Chief Venture and Investment Officer, SCB 10X.