Finaeo, a Toronto, Canada-based insurtech startup, raised $5.35M in funding.
The round was led by Luge Capital, supported by RGAX, the transformation unit of global reinsurer RGA, Rising Tide Fund, inovia capital, an angel syndicate led by AngelList Partner Alex Norman, and previous major investors Impression Ventures and iGan Partners.
The company intends to use the funds to further invest in product development, customer acquisition and geographical expansion—starting with the US.
Led by Aly Dhalla, CEO and Co-Founder, Finaeo provides a digital front-end platform that enables insurance advisors to sell personalized and curated life insurance products to end customers efficiently across Canada. The back-end connectivity to insurance carriers will soon enable real-time application submission, real-time adjudication and real-time application status, which will finally enable a customer-centric approach to interacting with the insurance industry.
Finaeo has also developed technology to allow insurers to digitize applications, create dynamic underwriting and automate legacy systems.