ePayPolicy, a leading provider of payment processing solutions for the insurance industry, has received a new strategic investment that underscores confidence in its platform and growth trajectory.
The investment was led by private equity firm LLR Partners, with existing investor Serent Capital also participating in the round, however the financial terms of the deal were not disclosed, according to InsurTech Insights.
ePayPolicy focuses on automating accounts receivable and accounts payable (AR/AP) processes for insurers, making payments faster, easier, and more secure. Its solutions are used by a network of over 10,000 insurance customers, helping companies streamline billing and payment workflows.
The company plans to use the new funding to accelerate product innovation, enhance sales and customer support capabilities, and scale operations to meet growing demand.
This capital injection is intended to help ePayPolicy maintain its position as a leading provider of AR/AP solutions for the insurance sector.
LLR Partners, which has a 26-year track record investing in vertically focused software and payments businesses, sees significant opportunity in the insurance industry’s ongoing digital transformation. The firm believes ePayPolicy is well-positioned to lead in automating complex payment workflows within the $2T+ insurance ecosystem.
“Our mission is to increase the speed and efficiency of our customers’ AR/AP processes and make insurance payments fast, easy and secure,” said Mark Engels, CEO of ePayPolicy. “With this investment, we will continue to build the products our customers need to automate all of their payment-related workflows.”
“Insurance is a large ($2T+) and complex ecosystem undergoing rapid change,” said Connor Crump, Vice President at LLR Partners. “ePayPolicy has established itself as a leading AR/AP solution purpose-built for the industry.”
Ryan Goldenberg, Partner at LLR, added, “We’re thrilled to partner with Serent Capital, Mark, and the entire ePayPolicy team to invest in technology automation and product growth, cementing the company’s position as the leading AR/AP provider in the insurance ecosystem.”
Serent Capital, which first invested in ePayPolicy in 2019, will remain a key partner. “It has been a privilege to support Mark and his team over the last six years,” said Kevin Frick, Partner at Serent Capital. “We are excited to continue alongside LLR in this next chapter of growth.”
ePayPolicy was advised by Raymond James and Choate, Hall & Stewart LLP, while LLR Partners was advised by William Blair & Company and Goodwin Procter LLP.
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