India-based Square Insurance Brokers, a firm authorised by IRDA under the Insurance Brokers Regulations of 2002, has just added another feather to its cap.
The firm recently pocketed $1m in a funding round, with the investment led by Recur Club, a well-known revenue-based financier, according to a report from Startup Story Media.
The funds raised will be directed towards enhancing the FinTech’s technological backbone, ramping up its operational footprint, and rolling out significant marketing and advertising campaigns.
For those unfamiliar with Square Insurance, its foundation dates back to April 2017. Since then, the company has carved a niche for itself in offering crucial risk management via insurance services. Driven by a strong commitment to bridge the gap between the insurance needs of customers and the actual coverage they get, Square Insurance has consistently championed a transparent method, ensuring its solutions align perfectly with customer demands.
With the new investment, the company reiterates its dedication to its mission. The focus remains on providing personalised insurance solutions leveraging state-of-the-art technology. The objective is crystal clear: make it easier for Indian consumers to access the most suitable insurance policies.
The association with Recur Club isn’t just beneficial for Square Insurance. The financier has a track record of backing promising startups. Just to provide a snapshot, Buyofuel, an online marketplace concentrating on biofuel-based offerings, previously secured $550,000 from Recur Club. Not to be left behind, SaaS startup ShipEase also clinched a similar amount from the financier in a separate round.
Rakesh Kumar, the founder and managing director of Square Insurance, gave insights into the company’s blueprint. “With limited access to insurance solutions in India, consumers struggled to identify the optimal policy. To address this, we focused on developing a personalized insurance platform that uses algorithms and data analytics to provide tailored recommendations,” Kumar commented.
In a previous interaction, it was highlighted that the association with Recur Club wasn’t Square Insurance’s first brush with investment. A past funding round witnessed Buyofuel and ShipEase, both earning $550,000 from the financier.
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