InsurTech Wrisk lands £4.6m in Series A funding to scale its insurance product

May 17, 2021

UK InsurTech Wrisk raised a £4.6m Series A funding round led by QBN Capital and aims to build frictionless, mobile-first insurance experiences.

The round saw participation from investors Guinness Asset Management and Cell Rising Capital.

The company intends to use the funds to expand operations and its business reach as well as further scale its platform to support the increasing client demand.

Wrisk offers a customisable platform for automotive, retail, telecommunications and other brands, to build mobile-first insurance experiences.

The company partners with insurance companies to provide the customers of automotive brands with mobile-first insurance at the point of sale. The partnerships are focused on facilitating an ongoing relationship between insurers, automotive companies and customers that extends far beyond their initial purchase. Some of its partners include the BMW Group, the RAC, Allianz and Munich Re.

Last month, Wrisk launched a flexible monthly subscription-based car insurance product in partnership with the RAC allowing people to pay for the miles they drive.

Commenting on the round, Wrisk CEO Nimeshh Patel said, “We’re constantly looking ahead to what the future of buying, working and travelling behaviours looks like, to ensure that insurance delivers on the evolving protection needs of customers. We are restless to scale our vision but with better trust in insurance as our endgame, we are equally determined that none of this comes at the expense of a considered and thoughtful approach.”

Echoing a similar sentiment, QBN Capital VP Philea Chim added, “They have shown an incredible amount of grit during this tough period and have come out the other end, making us all the prouder to lead this round. The InsurTech market is a highly competitive one, with headline-grabbing fundraises being announced every week – but we believe Wrisk has the right team, values, technology and approach to change the industry from the inside and build one of the most sustainable offers out there.”