UK-based mobile insurance app Wrisk has received a ?3m funding round led by Oxford Capital.
The funding round comes hot off the heels of the company’s Seedrs crowdfunding campaign, which closed on ?500,000 after just four days.?
Wrisk is an app that allows customers to buy and claim on their insurance immediately. It also offers more transparent pricing by giving users a Wrisk Score which calculates personal risk.
The investment will fund the business up to and through its launch, which is expected in Q1 2018. Launching on iOS the app will initially focus on contents insurance, but will expand to other verticals in the future, including buildings and motor cover.
Oxford Capital investment manager Will Orde said, ?Wrisk will revolutionise insurance to make it relevant to the smartphone generation. The senior leadership team has long and deep experience of both insurance and technology.
?Oxford Capital is focused on backing best of UK early stage businesses in the FinTech sector. We are excited to back Wrisk as it is an innovative and forward-thinking operation that exactly meets our focus as investors.p>
Oxford Capital recently took part in the $10m Series A round of payments company Curve. Funding from the company will support Curve as it looks to launch its platform.
Earlier this week, fellow UK-based InsurTech platform, Canopy, closed a new wave of funding. The company secured a new equity line from Round Hill Capital, following the closed of a ?1.6m round just last month.
Copyright ? 2017 FinTech Global