InsurTech startup Buckle receives $15m as it eyes nationwide expansion

Buckle, a digital financial services company aimed at the gig economy, has bagged a $15m upsizing for its term loan.

The funds were supplied by Siguler Guff & Company and Hudson Structured Capital Management.

Proceeds from the deal will help Buckle bolster the distribution of its gig insurance products and support the growth of business on its platform. The InsurTech company also plans to expand across insurance and credit products, as well as form new partnerships.

Over the past three months, the company has extended all expiring reinsurance with its incumbent reinsurers, as well as adding a new reinsurer.

US-based Buckle aims to make insurance easier to obtain for rideshare and delivery drivers by addressing gaps in conventional policies.

Buckle CEO Marty Young said, “Today’s announcement underscores Buckle’s unique ability to attract participants in this emerging segment and validates our distinctive approach as we advocate for the economic independence of our drivers.

“The recent expansion of our gig product across Maryland and Nevada, as well as our ongoing support of our members helps us bolster the success of these drivers.”

The company has raised a total of $115m in funding.

In 2019, Buckle released its core rideshare insurance policy, which combines personal and commercial coverages.

The InsurTech company recently teamed up with Cambridge Mobile Telematics. As part of the deal, CMT’s DriveWell Score, which offers an app for measuring safe driving, will allow Buckle’s insured members to review their trips and understand their driving habits.

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