Stonestep, a Zug, Switzerland-based company offering Microinsurance as a Service, secured $4M in Series A funding.
XL Innovate, a insurtech venture fund, made the investment.
The company intends to use the funds to establish its presence in Asia, beginning in Myanmar, and access to the global skills and insurance capacity of XL Catlin. As part of the round, Sarah Street, a director at XL Innovate, will join Stonestep’s board of directors.
Led by Founder and CEO Brandon Mathews, Stonestep is a new property and casualty insurtech startup. Its “Microinsurance as a Service” platform aims to enable mobile network operators, retailers and other corporations to diversify their services by offering risk products alongside their usual product offerings, while promoting brand loyalty and generating additional revenues for their businesses.