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

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 โ€œKikoโ€ Reyes Jr, Saphron intends to use the funds to address the major financial inclusion gap in the Philippines by making the delivery […]

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 โ€œKikoโ€ 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, Saphronโ€™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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