Insurance technology firm seeks to raise $10 million in new funding

Auckland-based insurtech Simfuni is set to launch a funding round in March 2025, aiming to raise over $10 million.

The company plans to penetrate new markets in Asia while deepening its presence in Australia, specifically targeting life insurers.

CEO and founder Shaun Quincey believes their early success in New Zealand validates their business model.

He expressed enthusiasm about the life insurance sector’s demand for solutions that enhance customer interactions and streamline operations.

In August, Simfuni was honored as the insurtech start-up of the year by the Australian and New Zealand Institute of Insurance and Finance.

The firm’s premium payment platform debuted a year ago after securing $NZ2.8 million ($2.6 million) in funding.

This platform is designed to reduce administrative burdens for brokers and integrates with various insurers and broker groups seamlessly.

Simfuni offers flexible payment options for policyholders while automating back-office functions like reconciliation and arrears management.

Key features include e-invoicing, customer self-service tools, and AI-driven automation, positioning Simfuni as a leader in insurtech innovation.