Suretys, a New Haven, Conn.-based digital insurance provider that replaces the need for a cosigner for auto sales and leases, raised $2m in seed funding.
Backers included Victorum Capital and other investors.
The company intends to use the funds for market expansion, new product development, and team strengthening.
Founded in 2018 and led by Josh Minsky, CEO, Suretys provides Suretys PlusOne, an innovative insurance product that replaces the need for cosigners for car buyers with limited or no credit history. The company developed a proprietary credit risk assessment model that leverages bank data, artificial intelligence, and machine learning to qualify borrowers. PlusOne policies eliminate auto loan risk for lenders much as private mortgage insurance (PMI) eliminates home loan risk.
Suretys is also collaborating with Markel Insurtech Underwriters, a division of Markel, to underwrite the SuretysTM PlusOne insurance product in the state of Texas.
FinSMEs
25/10/2021