Auto digital insurance provider Suretys has raised $2m from a seed funding round led by Victorum Capital.
Founded in 2018, Suretys has developed algorithms using AI and machine learning that score loan risk without needing to rely on conventional credit scores. The company claims its mission is to help first-time auto buyers purchase or lease a car without the need of a co-signer.
The firm is currently collaborating with Markel InsurTech Underwriters to underwrite the Suretys PlusOne insurance product in Texas.
Suretys CEO and founder Josh Minsky said, ““Suretys is a real advantage for lending institutions seeking to attract new and younger members. In addition to better serving a younger demographic, Suretys positions lending institutions to gain additional non-interest income through sales of other products with auto purchase transactions.”
Markel InsurTech Underwriters managing director Scott Whitehead added, “Suretys identified a problem in the auto loan and leasing process that they believed could be solved with an insurance product.
“They came to us with a sophisticated, yet practical, technology solution that is quite scalable. We’re excited to work with the company’s very capable team.”
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