- Inclined Technologies recently announced it raised $15 million in funding. These are the details.
Inclined Technologies recently announced it raised $15 million in funding.
Funding round: Series A
Funding amount: $15 million
Investors: HSCM Ventures led the round with participation from Anthemis Group as well as several new and existing investors.
What Inclined does: Inclined is a company that helps policyholders realize more value out of their whole life investment by giving them quick and efficient access to the equity they have built in their whole life policy. And Inclined’s first-of-its-kind platform addresses two inherent problems with the way the market currently operates – the “front end” problem of obtaining and structuring the raw data from whole life carriers, and the “back end” problem of efficiently managing the collateral in a way that can deliver assets at scale to our financial institution partners.
Inclined’s initial focus is to work with whole life advisors to offer policyholders a secured, revolving line of credit collateralized by the cash value in their whole life policy, within a fully automated experience. And the Inclined Line of Credit (iLOC) is flexible in that it can be drawn or paid back iteratively at the convenience of the borrower. The borrower never pays any fees on the Inclined platform, and the process of applying for a loan takes less than 15 minutes.
Through its proprietary technology platform, Inclined manages customer acquisition and enables a network of banks to originate the lines as a turnkey line of business. And Inclined handles all requirements around policy assignment and perfection of the collateral to the bank, while continuing to service the lines. Inclined partners with a network of financial institutions who are attracted to the quality of the asset, the demographics of the borrower, and the opportunity to be part of the value enhancement to their policy and overall financial picture.
KEY QUOTES:
“Inclined is a mission-driven company that provides solutions to help policyholders access their savings in a more efficient and cost-effective way. We are excited to partner with HSCM Ventures and the rest of our investors to tackle the $1 trillion opportunity in whole life cash value access. With this capital, we will continue to improve the way people access the equity they have built in their whole life policy, while serving as a trusted technology partner to whole life carriers and financial institutions across the US. This is a market that has yet to benefit from modern technology.”
– Inclined’s CEO and co-founder Joshua Wyss
“We strongly believe in the Inclined mission and are excited to partner with the team. Inclined is engaging carriers, policyholders and lenders in a very aligned and coordinated manner and we see policy loan refinancing as just the beginning of what can be unlocked through those integrated relationships.”
– Vikas Singhal, Partner at HSCM Ventures, who will be joining the Inclined Board of Directors
