Marble, a digital wallet and loyalty platform for insurance, has raised $4.2m in funding and launched new features.
According to a report from Insurance Innovation Reporter, the round was led by Distributed Ventures(Chicago/New York), with participation from new investors Blue Collective, Goodwater Capital, and CE Innovation Capital; existing investors IA Capital Group, MS&AD Ventures, Reciprocal Ventures; and veteran angel investors from across the finance and insurance industry.
Founded in 2020, Marble is a one-hub, digital wallet that allows members to shop, compare, explore, pay, and earn rewards on their insurance premium payments.
There is no cost to join. Marble members are insured by the nation’s largest insurance agencies and can link their healthcare, automotive, home, renters, pet, or any other type of personal insurance.
In February 2021, Marble closed its seed round on $2.5m.
Marble said it will use this latest capital to continue to invest in new ways for its members to “protect whatever, and whoever, they love.”
Specifically, Marble says it intends to expand its engineering and marketing teams, invest in deeper user research practices, and leverage that expanded team and those new insights to double-down on developing more features that are unique to the space.
Alongside the funding round, Marble also launched new features including its Rate Watch, Automated Shopping, and an Apple Wallet Integration. The Rate Watch program automatically alerts users about any rate changes filed by major insurance companies that might impact their insurance rates.
Stuart Winchester, CEO and founder, Marble, said, “Our goal is to help individuals keep track of all their policies, understand when they might see changes to their policies, and know whether to renew or to shop around when the time comes.
“2023 is a year of unprecedented household expenses, and insurance rate increases will unfortunately be a big part of that story. We believe US consumers deserve simple, intuitive digital tools and rewards that they can use in their daily lives to take control and save on their insurance. It’s about more than just trying to sell another policy—it’s about helping Americans feel confident in their coverage, knowing that they are protecting what matters to them most.”
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