Acrisure, a global FinTech company delivering tech-powered financial services to businesses and individuals, has raised $2.1bn through a new issuance of convertible senior preferred stock.
The investment round was led by Bain Capital, with participation from Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and a consortium of other investors. The round did not involve any secondary sales, with existing shareholders maintaining their positions. BDT & MSD remains Acrisure’s largest minority shareholder.
Founded as an insurance brokerage, Acrisure has evolved into a broad financial services platform combining artificial intelligence with industry expertise. Its services now include insurance, reinsurance, cybersecurity, real estate, payroll, benefits, and wealth management solutions. The firm operates across 23 countries and employs over 19,000 people.
Proceeds from the raise will be used to refinance a portion of its non-convertible preferred stock, pursue strategic acquisitions, and drive platform expansion. The funds are also expected to accelerate organic growth and the integration of its existing portfolio of over 900 acquisitions.
Acrisure has also strengthened its executive team in line with this expansion, hiring Mark Wassersug as chief technology officer and Shawn Pelsinger as chief administrative officer. Wassersug previously served as COO at Intercontinental Exchange, while Pelsinger held a senior role at Palantir Technologies.
Acrisure CEO Greg Williams said, “This transaction represents a significant milestone and serves as proof that our vision for Acrisure’s scaled platform has become a reality.
“Our evolution from an insurance brokerage into an AI- and technology-powered global financial services provider has opened the door to massive opportunity. I see limitless potential for how far Acrisure can go, and we’re extremely grateful for the financial support and validation from our investors.”
Bain Capital partner Cristian Jitianu, who will join Acrisure’s board, added, “Greg and his talented leadership team have built an impressive business that is clearly differentiated by its combination of entrepreneurial DNA, cutting-edge technology capabilities and deep industry expertise.
“We are pleased to be selected as Acrisure’s partner of choice on this transaction and look forward to supporting their continued growth strategy as the Company builds on its success delivering the right personalized insurance and business solutions to its clients.”
This new funding round values Acrisure at $32bn, representing a nearly 40% increase in valuation since its last institutional capital raise three years ago.
Morgan Stanley & Co. LLC served as the sole placement agent, with legal counsel provided by Skadden, Arps, Slate, Meagher & Flom LLP and Varnum LLP.
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