Saladin bets Vietnam will buy insurance online; SBI Ven Capital leads 2025 Series A

Saladin was founded in 2022 by Vivien Vân Lê on a simple diagnosis: Vietnam's insurance penetration is among the lowest in Southeast Asia, yet the problem was not consumer demand so much as distribution. Her company built a digital-first brokerage whose one-touch platform let consumers compare, buy and claim across insurers while letting partners embed insurance into their own apps.

The model was multi-channel from the start — embedded B2B2C solutions for partner platforms in payment, travel and healthcare ecosystems, plus consumer, affiliate and agent channels. Saladin began with personalized embedded microinsurance, then widened to car, health and travel products for retail customers and MSMEs. APIs and modular design let insurers plug in without building consumer technology themselves.

Investors followed the same thesis. Monk's Hill Ventures led a pre-Series A round with Peak XV Partners, Patamar and Venturra, when Saladin counted 9 insurer partners and about 600,000 unique customers across nearly 10 million policies. By December 2025 the platform had 15 insurer partners, close to a million unique customers and over 15,000 registered partners in its Saladin Pro agent program.

In December 2025 SBI Ven Capital led a Series A through its joint fund with Kyobo Securities and NTUitive, with Monk's Hill, Peak XV and ICMG participating. The capital is earmarked for moving beyond non-life into term life and comprehensive health protection designed for online distribution, plus enterprise partnerships — a bet that digital channels can now carry products that historically required offline consultations.