InsurePay has collected $5m in its Series A to help it continue the development of its workers’ compensation insurance software.
The equity injection was led by US-based venture capital firm FINTOP Capital, with commitments coming from several unnamed strategic backers.
Capital from the round will be used to expand its sales and marketing efforts, increase product development and hire more staff.
InsurePay has created a solution to calculate workers’ compensation premiums based on actual payroll data, rather than estimated payroll amounts. This makes more accurate premium payment each pay cycle, it claims.
The platform has also streamlined the delivery of policyholder, payroll and premium data. Its pay-as-you-go workers’ compensation platform connects with many top insurance carriers to offer improved policies for carriers, agents, payroll providers and policyholders.
InsurePay president and CEO Adam Beck said, “FINTOP’s investment is well-timed to meet the rapidly increasing demand for our solution.
“We found a partner in FINTOP that shares our values, our passion for the space, and has a tremendous track record of building exceptional businesses. We are thrilled to have access to their resources and thought partnership as we begin our next chapter of growth.”
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