PremFina Ltd, a London, UK-based insurtech company, raised US$36m in equity and debt funding.
The round was led by Rakuten Capital and Draper Esprit Plc with participation from Thomvest Ventures (via a credit facility), Emery Capital, Rubicon Venture Capital, Talis Capital and the company’s founder, Bundeep Singh Rangar, who invested in 17% of the equity portion alongside the investors.
The company intends to use the funds to accelerate UK operations and international expansion.
Led by Bundeep Singh Rangar, CEO and founder, PremFina is a finance company that increases access to insurance by providing financing options for the purchase of insurance premiums. The company, fully regulated by UK’s Financial Conduct Authority (FCA), funds the upfront payment of an insurance premium to an insurer, on behalf on an insured party, then collects the same amount via monthly instalments, along with a finance fee, from the insured party, and provides a standalone, white-labelled software-as-a-service (SaaS).
PremFina supplies insurance brokers with their own branded premium financing service with a software package to manage the sale of broker-branded insurance policies to consumers and businesses.