According to InsurTech Insights, CyberAgent Capital, Arthazen Capital, and Gametraco Tunggal supported the funding round in addition to current investors.

Rey provides a digital health insurance platform and was formed in 2021 by lead developer Bobby Siagian and former Sequis head of digital channel Evan Tanotogono.

The organization offers wellness programs targeted at enhancing general health management, along with health memberships that include both outpatient and inpatient care. Veteran of the insurance sector David Nugrho, the chief business officer, also joined the executive team to guide the company's expansion.

The $3.5 million will be used by the business to improve its AI underwriting and claims processing technologies.

Rey's digital platform has demonstrated considerable growth, having already reached over 50,000 individuals and over 100 organizations. Its claims management system also shows off the platform's effectiveness in processing insurance claims, with a loss ratio significantly lower than the industry average.

Rey has received significant financial support in prior investment rounds, however specifics of those financing were not made public.