TORONTO, Mar. 26, 2019 /PRNewswire-PRWeb/ -- Today,
Finaeo announces a $5.35M funding
round, led by fintech-focused investor Luge Capital, supported by
RGAX, the transformation unit of global reinsurer RGA, San Francisco based Rising Tide Ventures,
inovia capital and a strong angel syndicate, led by AngelList
Partner, Alex Norman. The investment
had follow-on participation from all previous major investors
including Impression Ventures and iGan Partners. The diverse group
of investors provides Finaeo unparalleled access to both strong
capital partners and the right industry support to continue
building towards their long-term vision.
"Over the last three years, we've laid the foundation. With this
new injection of capital, we can take the next steps toward
executing our vision of moving this industry forward," said
Aly Dhalla, CEO and Co-Founder of
Finaeo. "We plan to further invest in product development, customer
acquisition and geographical expansion—starting with the US."
Finaeo's vision is to become the digital fabric that connects
and powers the life insurance industry by building a digital
network of insurance carriers around the world. Digitizing the
experience for all stakeholders is core to realizing that
vision.
"The life insurance industry has been very slow to evolve," said
Karim Gillani, General Partner at
Luge Capital. "Finaeo's mission is to build the plumbing that
digitizes the insurance industry for both advisor-assisted and
self-serve experiences. They're building Amazon for insurance
products, and the Finaeo team has the right pedigree to orchestrate
that mission."
Finaeo's digital front-end platform enables insurance advisors
to sell personalized and curated life insurance products to end
customers efficiently across Canada. The back-end connectivity to insurance
carriers will soon enable real-time application submission,
real-time adjudication and real-time application status, which will
finally enable a customer-centric approach to interacting with the
insurance industry. Finaeo has also developed ground-breaking
technology to help insurers digitize applications, create dynamic
underwriting and automate legacy systems.
"Finaeo is bringing much-needed automation that will vastly
improve the level of service advisors can provide," explains
Christian Lassonde, Founder and
Managing Partner at Impression Ventures. "When we first invested,
their tech was very much in its infancy. But today, we're seeing
that early promise realized, and it's beyond exciting. There are
still challenges to overcome, but Finaeo has the talent and track
record to succeed."
"The industry is at a tipping point, and we're excited to be at
the centre of that change," summarizes Dhalla. "We believe in the
future of advice and, more importantly, want to be the catalyst to
move this industry forward around the world. We see ourselves as an
enabler to the industry and want to work with forward-thinking
carriers, advisors and strategic partners to reimagine the way our
industry delivers value to customers."
About Finaeo Inc.
Finaeo is a high-growth insurtech startup revolutionizing the life
insurance marketplace with an advisor-first digital platform. The
platform's automated tools and 24/7 concierge support offer
unprecedented turn-around times, allowing financial advisors to
drastically shorten the 'prospect-to-policy' timeline. Finaeo's
deep industry knowledge and tech background puts them in the #1
position to create the digital fabric that powers the global
insurance industry. To learn more, visit http://www.finaeo.com.
About Luge Capital
Luge Capital is a venture capital fund focused on early-stage
fintech and artificial intelligence (AI) applied to financial
services, with $75M under management.
We invest in talented teams shaping the way the world interacts
with financial services. Luge looks for founders that improve
customer experiences, remove complexity, make financial
institutions more efficient and use data-driven methods and
decision-making. We work closely with entrepreneurs and their teams
in their efforts to build world-class companies by sharing our
extensive network, experience and industry insights. To learn more,
visit http://www.luge.vc - Building fintech champions.
SOURCE Finaeo Inc