Matic bags $20m in Series B extension round, bolstering its InsurTech growth

Matic, a foremost embedded InsurTech platform, recently publicised a $20m fundraising as an extension to its Series B round.

The financing round witnessed participation from previous backers and was majorly steered by new investors. This includes a $17m Series B equity injection co-headed by IA Capital Group and Cultivation Capital. New investors championing this round were Intuit Ventures, TruStage Ventures, and Assurity Ventures, amongst others. Simultaneously, the company expanded its credit facility by $3m, thus enhancing its liquidity to the tune of $20m.

Delving deeper into what Matic offers, the firm is on a crusade to uncomplicate the insurance landscape. Serving as a digital insurance agency, it’s tailored for collaborative initiatives. Matic integrates seamlessly within the home ownership journey, facilitating consumers in their quest to save both time and money on insurance. Additionally, this integration aids partners in churning out a fresh revenue source for their enterprises.

Currently, the company’s collaborative net spreads wide, encompassing over 100 lenders, servicers, and banking institutions. Impressively, this collective processes a significant 20% of US home loans. This includes partnerships with five of the top 15 mortgage servicers and a leading global bank. The recent times have been prosperous for Matic, with wins in three competitive RFPs. Moreover, they are on track to initiate collaborations with a top 10 US bank and two eminent mortgage firms later this year.

Matic’s CEO and Co-Founder, Ben Madick, expressed, “Despite the macroeconomic environment and challenging insurance market, Matic continues to profitably grow. The commitment from new and existing investors demonstrates Matic’s sustainable business model that thrives in all markets through partner-led growth. We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio. This successful round is a testament to the hard work and dedication of the Matic team and I couldn’t be prouder of the business we have built together.”

Adam Coccari, Managing Director at Intuit Ventures, voiced his perspective, “Consumers want a simple, easy, and transparent experience when searching for home insurance. Matic’s insurance marketplace helps customers find the right coverage at the best price. Its ability to provide a seamless, embedded experience has made it a top insurance partner for mortgage companies and banks. We look forward to supporting their growth as they continue to simplify the world of insurance.”

Reflecting upon the recent capital influx, Matic is poised to utilise these funds to accentuate its market supremacy as the embedded P&C insurance provider for banking and mortgage entities. There’s a strategic plan to expedite partnership extensions. The digital insurance firm is keen on pouring investments into product enhancements, striving to further streamline the insurance purchase journey via digital and agent-led channels.

A pivotal agenda also lies in broadening its carrier marketplace, especially given the changing carrier inclinations due to severe climatic disruptions, ensuring sustained coverage across the US. As a forward-looking initiative, Matic aspires to diversify beyond P&C insurance, envisaging life insurance solutions catering to the growing needs of its partners’ clientele.

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