Wednesday, August 12, 2020

Philippines-based insurtech startup, Saphron, raises US$1M in seed funding

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Felicia Calle
Felicia Calle
Australia | Felicia's fascination with tech began in the 90s, and she loves to update readers on the best tech deals on the internet. When she’s not writing, you’ll find her travelling around the world.

Saphron has secured US$1 million seed fund coming from fintech-focused venture capital firm Sage and venture lab Talino Labs, a venture lab that supports companies engaged in digital transformation.

Founded by Francisco “Kiko” Reyes Jr, Saphron intends to use the funds to address the major financial inclusion gap in the Philippines by making the delivery of insurance radically accessible, especially in a country exposed to several calamities like the Philippines, but where a large part of the population remain either uninsured or severely underinsured. The startup aims to enable clients to develop technologies that transform consumer experiences.

With the fresh capital, Saphron’s platform will be optimized with artificial intelligence (AI) and real-time data analytics for underwriting and customer service. It will also be equipped with a multi-platform payment gateway that can accept payments from mobile payment platforms, which is now being practiced in the region. The startup also aims to build a blockchain-based know your customer (KYC) system with biometric identity verification for a more secure payments processing.

The financial services industry in the Philippines has undergone disruptions for the past decade and is now ready for a transformation that will make savings, assistance, and protection products convenient and accessible to millions of Filipinos.

Saphron currently works with the Pioneer Group, a local commercial insurance firm that provides coverage for migrant workers and the low-income segments in the country.

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