Eleos, a London, UK-based provider of an embedded life and income insurance, raised $4M in Seed funding.
The round was led by Fuel Ventures and Indico Capital with participation from APX.
The company intends to use the funds to expand operations and development efforts.
Led by CEO Kiruba Shankar Eswaran, Eleos provides a fully digital life insurance and income protection products. Using its proprietary full stack B2B2C solution with APIs and white-labelled journeys, the company makes integration simple with no additional costs. This enables its partners to benefit from new revenue streams, enhanced customer retention, and full regulatory coverage under the company’s FCA authorisation. Currently Eleos’s partners include the credit-building specialists Loqbox and CreditLadder and the flexible loans providers CreditSpring and Updraft.
Eleos’s customer attraction and retention plan involves offering its customers several free ancillary benefits to offset the cost of their insurance premiums. These include a 24/7 remote GP (General Practitioner) service, mental health support and a scheme that gives cashback on everyday purchases.
FinSMEs
08/05/2024