Vouch, an insurance provider re-thinking business insurance for the technology industry, has acquired lending startup Level and its team of engineers.
Based in the US, Vouch provides business insurance to thousands of high-growth companies that have raises $160m from top-tier Silicon Valley institutions and investors.
Established in 2018, the company aims to empower its clients to get risk management right through nice expertise, a proprietary approach to underwriting fast, digital-first procurement and coverages that scale as the company grows.
Founded by Vladimir Korshin, Asa Schachar and Molly Hogan, Level developed a tech-driven underwriting process for early-stage FinTech companies that the company said brought new efficiencies and speed to the process of raising debt.
The partnership will see the Level team use their expertise in building fast and efficient underwriting systems to help Vouch continue to effectively underwrite and support complex insurance policies.
Sam Hodges, CEO and co-founder, Vouch, said, “Level’s unique expertise in building and scaling underwriting systems will bring additional knowledge to our team as we continue to effectively underwrite and support complex insurance policies.
“The team at Level demonstrated their ability to solve complex problems in a highly regulated space, and as we got to know them, we discovered many similarities in our vision to build a value-driven company. We’re thrilled to bring the Level team on board.”
Korshin and Schachar added, “Joining the Vouch team was an easy decision for us. We were impressed by Sam and the team’s pace of development within this exciting market opportunity and look forward to contributing our expertise to the company’s growth.”
In spite of an uncertain and turbulent year, several key acquisitions in the insurance and InsurTech sector took place last year, spurring innovation in the sector. FinTech Global recently outlined a few notable ones here.
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