Canadian InsurTech company Finaeo has closed its oversubscribed seed round on $2.25m, which was led by Impression Ventures, a dedicated FinTech investor.
The company assists financial advisors reduce their paperwork burden and modernise old processes. This is said to allow them to better manage and serve their clients.
Impression Ventures previously invested in home search Zoocasa, parking payment app Honk and digital receipts company Sensibill
As well as Impression Ventures, the company received financial backing from Toronto-based angel investors, 500 startups, Robo Ventures and venture capital firm iGan Partners.
Finaeo said the funds will be deployed to help cultivate engineering talent that is required to continue the development of its core platform and marketplace.
It is launching a marketplace which will link customers, brokers and insurance companies together.
CEO and co-founder Aly Dhalla sees many opportunities for the future. He said, “With the push for employers to provide competitive hiring packages and the increased risk of health related deaths, the push for insurance distribution will likely continue to rise.”
“With that said, the customer experience must evolve and advisors need to adopt a technology-first approach to their business to keep up. There are approximately 1.1M financial advisors in North America and Finaeo will be the partner that will keep them competitive.”
Copyright FinTech Global 2017
