Financial Services Company Buckle Raises $31 Million

By Dan Anderson ● August 5, 2020
  • Buckle — a tech-enabled financial services company — announced it has filed its Regulation D and disclosed it raised $31 million through its Series A funding round co-led by HSCM Bermuda and Eos Venture Partners

Buckle — a tech-enabled financial services company — announced it has filed its Regulation D and disclosed it raised $31 million through its Series A funding round co-led by HSCM Bermuda and Eos Venture Partners. With this funding round, Buckle plans to launch other products and partnerships as it expands nationwide.

And Buckle has a goal of addressing gaps in conventional insurance policies that leave gig workers underinsured. And Buckle is using the funding to reinvent the insurance model with new sources of data to underwrite risk, making insurance comprehensive, affordable, and easy to obtain for rideshare drivers.

Last year, Buckle launched its core rideshare insurance policy — which combines personal and commercial coverages — in collaboration with Munich Re’s Digital Partners. And earlier this year, it expanded the program through a partnership with Lyft.

In June, Buckle also announced the acquisition and recapitalization of Gateway Insurance Company, including its 47 state insurance licenses. Through Gateway, Buckle is expanding insurance coverage to include transportation network companies (TNCs), traditional taxi, limo, and livery businesses using the Curb app.

KEY QUOTES:

“Whether rideshare drivers are on duty or driving their family around on personal time, Buckle will have them covered. We are excited to offer comprehensive, easy-to-understand insurance to active rideshare drivers for overall better personal protection.”

— Dustin Walsey, co-founder of Buckle

“The ride-hailing market is expected to grow globally to approximately $260 billion by 2024. As the market grows, demand for straight-forward and affordable insurance coverage for both providers and TNCs will grow with it. We’re excited to help the Buckle team take the company to the next level.”

— Vikas Singhal, Partner and CIO of Insurtech at HSCM Bermuda

“The rideshare and dispatched delivery markets need specialized insurance expertise. Buckle has built a comprehensive insurance solution to this growing market.”

— Jonathan Kalman, Founding General Partner at Eos Venture Partners