Tencent leads $45m round of Thai insurance major Sunday

Sunday, a Thai digital insurance player, announced it raised US$45 million in its latest oversubscribed round.

Sunday’s leadership team / Photo credit: Sunday

Tencent led the round, while other new and existing investors, including Vertex Growth, Vertex Ventures Southeast Asia & India, SCB 10X, Quona Capital, Granite Oak, Aflac Ventures, and Z Venture Capital, joining the series B raise.

Founded in Bangkok in August 2017 by Cindy Kua and Joanne Ying Fei Kua, top executives at KSK Group Berhad and co-founders of automotive ecommerce platform Carmana, Sunday adopts AI and machine learning to underwrite its motor insurance and employee health benefits product. It also deploys an human resources administrative platform for its corporate clients and a super app for its everyday members to access cashless primary care and manage their coverages.

Sunday said the funding comes revenue growth doubled in 2020, but it didn’t disclose further details.

In its official statement, Sunday said it will use the funds to expand its suite of offerings, currently comprising health insurance, electronics protection, and motor insurance.

“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,” said Kua, who is also the company’s CEO.

So far, Sunday has served a total of 1.6 million customers, with over 90,000 current health members from the banking, manufacturing and retailers, and services sectors.

This is the latest version of the article that was published earlier today.