ePayPolicy, an electronic payment processing company, has secured a “significant” investment from US-based private equity firm Serent Capital.
Founded in 2014, the company offers insurance firms a simplified platform to accept digital insurance payments.
The capital from the round is earmarked for product enhancements, accelerated growth and supporting integration with common agency management systems.
ePayPolicy co-founder Todd Sorrel said, “This investment from Serent is a game-changer in our ability to strengthen our brand presence across the industry, integrate with even more agency management systems and take our platform to the next level in user (agency) and end user (policyholder) experience.”
The InsurTech processes more than $2bn in payments annually, serving 2,300 independent agents, brokers, MGAs and premium finance companies. Its solution works by a client simply filling out a sign-up form and within 24 hours they will be sent their own payment portal which can be used by policy holders to make credit card and automated clearing house (ACH) payments.
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