InsurePay, a Sarasota, Florida-based leading Insuretech Property and Casualty (P&C) billing and payments platform, including workers’ compensation insurance premium billing and payments, announced that it secured a Series B funding.
The round was led by Aquiline Technology Growth, with significant participation from FINTOP Capital and other strategic investors.
InsurePay used part of the proceeds to acquire Split Limit Studios and its TRUPAY solution. As part of the acquisition, George Kostakos, chief executive officer of Split Limit Studios, has joined InsurePay as a chief revenue officer.
The combined company will operate under the InsurePay brand and InsurePay will continue to support both solutions in the near term as it transitions to a shared best-in-class offering. Financial details of the transaction were not disclosed.
Round: Series B
Funding Month: January 2022
Lead Investors: Aquiline Technology Growth
Additional Investors: FINTOP Capital
Company Website: https://insurepay.com/
Software Category: Pay-As-You-Go (PayGo) billing and payments solution
About the Company: InsurePay® is an Insuretech billing and payments provider whose Software-as-a-Service (SaaS) model enables insurance providers to seamlessly offer a Pay-As-You-Go (PayGo) billing and payments solution for the P&C market including workers' compensation insurance carriers and policyholders whereby insurance providers can monitor each policyholder's exact premiums for each pay cycle—all through InsurePay's secure, custom-branded portal with direct data connections to leading payroll companies. Today, InsurePay processes more online PayGo billings than any other independent services company in the world.