Unqork increases its valuation to $2bn after the close of its Series C

This year has seen numerous FinTech unicorns and Unqork has continued this trend following the close of a $207m Series C round that increased its valuation to $2bn.

The round was led by funds and accounts managed by BlackRock. Additional support came from Eldridge, Fin Venture Capital, Hewlett Packard Enterprise, Schonfeld Strategic Advisors and Sunley House Capital Management, a subsidiary of Advent International.

A number of existing Unqork backers CapitalG, Alphabet’s independent growth fund, Goldman Sachs, Broadridge Financial Solutions, Aquiline Technology Growth and World Innovation Lab also joined the round.

Unqork is a no-code application platform that helps large enterprises build complex custom software faster and easier.

Insurance firms can use the platform for product selection, underwriting, illustrations, automated error resolution, servicing and policy issuance. Banks can implement Unqork for risk assessments, onboarding, product stability and more.

The company has witnessed strong growth over the past year. These milestones include the doubling of its staff headcount from 165 to 350 people. Increasing its annual recurring revenue at a triple-digit rate for its third consecutive year and the expansion into EMEA markets.

Unqork founder and CEO Gary Hoberman said, “At Unqork, we pride ourselves in fearlessly taking on huge challenges with our customers. That’s an important characteristic to have when your mission is to completely change the way enterprises create software by offering a better way without code.

“The same scale that cloud computing brought to infrastructure, Unqork is now bringing to all enterprise software in every industry. That places Unqork in a unique position to capture the $500 billion wasted annually on custom enterprise code and this funding will accelerate our efforts.”

Unqork’s Series B was closed over two tranches. The first capital batch was closed on $80m in October 2019 and was followed up with a $51m investment in February 2020.

Last month saw a number of FinTech unicorns raise capital. US challenger bank Chime became the largest consumer-centric FinTech in the country after a $485m Series F put its valuation at $14.5bn.

Kid-focused banking app Greenlight joined the unicorn club last month following the close of a $215m Series C.

Copyright © 2020 FinTech Global

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