“SCB 10X” invests in leading InsurTech “Sunday”, to drive its “Moonshot Mission” toward developing new tech capabilities

Event Calendar Press Releases Friday September 11, 2020 10:18
Bangkok--11 Sep--Siam Commercial Bank

SCB 10X is excited to be the lead investor in the pre-Series B bridge round of Sunday, a leading InsurTech firm. This investment is part of SCB 10X’s “Moonshot Mission”, which aims to create long-term value through investing in high potential tech startups globally. Other prominent investors, including Vertex Ventures Southeast Asia and India, Quona Capital, and LINE Ventures, also participated in the current round of fundraising. Sunday aims to deploy the new capital to support its rapid growth plans in Thailand and Indonesia. In addition, the funds raised will be used to deepen the platform development for its group insurance products, as well as its super app “Sunday Service,” which caters to health and motor insurance clients with all-in-one service.

According to SCB 10X Chief Venture and Investment Officer Mukaya (Tai) Panich, “SCB 10X’s goal for our “Moonshot Mission” is to seek investments in fast growing startups that leverage leading technologies to drive exponential growth. SCB 10X focuses on investments in five key sectors: FinTech, Digital Future of Work and Lifestyles, Health and Wellness, Internet-of-Thing (IoT)-Enabled World, and Deep Tech.”

“SCB 10X is proud to be part of Sunday’s journey in Thailand and Southeast Asia. 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. Utilizing data and AI, Sunday is bringing its full-stack, affordable, always available, and personalized insurance products to fit the needs of consumers in the region. In SCB 10X’s perspective, owning the insurance value chain end-to-end is a unique differentiating factor for Sunday among InsurTech companies”, Mukaya added.

Sunday co-founder and CEO Cindy Kua said, “Sunday has raised USD 9 million with this pre-Series B bridge round led by SCB 10X, Vertex Ventures Southeast Asia and India, Quona Capital, and LINE Ventures. This indicates investor confidence in our potential despite the global economic recession due to the COVID-19 pandemic. We aim to deploy this new capital infusion to support our business expansion in Thailand and Indonesia, and deepen our platform development for group insurance products and our super app “Sunday Service” catering to health and motor insurance clients with all-in-one service.”

“At a time of great challenge and even greater uncertainty, consumer demand will shift toward affordable core insurance products that truly help with risk management. Sunday is uniquely positioned to deliver one-stop personalized insurance coverage and services that meet these evolving risks and growing demands from businesses and individuals in Southeast Asia. We are honored to be supported by our latest partner SCB 10X,” Cindy added.

Founded in 2017, Sunday has rapidly scaled its group health and motor insurance and electronic device protection warranties booked through its direct B2B channel and B2B2C partners. InsurTech has steadily grown since launching, and is on track to achieving 100% revenue growth despite a challenging economic environment due to the COVID-19 pandemic. Corporates and SMEs are deeply rooted in Sunday’s business model as group health insurance is among the top benefits employees want. Sunday’s group health insurance has grown rapidly, with over 100,000 active health members. The company believes demand for health insurance in Southeast Asia will remain robust post-COVID.

In the past 3-4 months, Sunday has offered self-service features on its super app Sunday Service, such as a disease symptom checker driven by its proprietary AI and machine learning engine. Claims notification for vehicle damage is also available for convenient claims via the same app.

Telemedicine service is available through API integration with its partners, completing the digital insurance and health care ecosystem for its members. Prescription medication delivery and hospital recommendations are in-app features directly synced with customers’ health insurance coverage.

About SCB 10X

SCB 10X Co., Ltd, a holding company under Siam Commercial Bank PCL. (SCB), was established with a mission to create long-term value through investing in exponential technologies, championing passionate entrepreneurs, empowering the long tail underserved, and building successful partnerships. SCB 10X highlights its differentiation with the “Venture Builder” business for the first time in Thailand to heighten business potentiality and strong technological capabilities. In addition, SCB 10X oversees all the technology companies in the SCB Group, including Digital Ventures, SCB Abacus, MONIX, as well as those technology companies or investments in SCB’s future business pipeline.

For more information, please email to: contact@scb10x.com.
About Sunday

Sunday is a fully-integrated sales and services InsurTech firm that uses artificial intelligence and digital platforms to offer personalized insurance products and services suiting all types of individual and business risks. Reinventing the entire insurance value chain, the company offers its end-to-end solutions via its partners and proprietary distribution channels. For more information, visit www.easysunday.com or contact dhanadham.po@easysunday.com

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