BondAval, which aims to democratise access to credit terms, has closed its seed round on $1.64m.
The round was led by InsurTech Gateway, with additional contributions also coming from True Sight Partners. A number of angel investors also contributed to the round, including former GoCardless COO Carlos Gonzalez-Cadenas, Yi Luo, Chris Adelsbach, Will Neale and Charlie Songhurst.
These funds will enable the company to accelerate its product roll-out, hire more staff and further the development of its machine learning technology. The company is hiring staff across its UK, Spain and US offices.
BondAval is currently engaged with getting regulatory and administrative approvals.
The London-based company claims to use a credit risk engine to democratise access to the best credit terms. Its MicroBonds solution provides investment-grade certainty to wholesalers when securing their stock and inventory.
BondAval was founded in 2020 by Tom Powell and Sam Damoussi. Powell was previously an international rugby player who moved into financial services and the technology sector. Damoussi has more than ten years of experience within the insurance-backed surety market.
BondAval Co-founder and CEO Tom Powell said, ?The gulf between corporates and independent retailers trying to secure credit terms is vast and, in our opinion, unfair. Our vision at BondAval is to redress this balance, allowing independent retailers to leverage investment grade security.
?Their word our bond. To achieve this vision, we are excited to partner with our new investor shareholders, led by Insurtech Gateway.. They understand the value we can bring by applying digital first propositions to the world of B2B insurance. ?
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