Leading insurance technology platform Matic Insurance Services announced it has secured $30 million from Vistara Growth, a provider of flexible growth capital to software and technology enabled services companies. And Matic offers an embedded insurance platform to mortgage servicers, originators, banks and other financial institutions to seamlessly offer home, auto, and other personal lines products to their customers.
Matic’s platform helps their partners offer competitive insurance policy options for their customers in seconds and purchase selected policies in minutes. And since Matic’s go-to-market launch in 2017, the company has partnered with over 100 organizations, which represent 20% of the U.S. mortgage market. Matic’s marketplace is powered by 60+ insurance carriers offering competitive options nationally.
The proceeds from the funding will be invested to increase the breadth of distribution partnerships, continued development of Matic’s end-to-end proprietary technology platform, and further differentiation of its best-in-class customer experience. And Matic’s management team has deep insurance and financial services industry expertise and has carefully developed their operational model, whether its purpose-built in-house tech stack or go-to-market approach, which enables a superior shopping experience delivered within its distribution partners environment.
KEY QUOTES:
“Matic’s technology platform is a natural extension for its distribution partners who are looking to provide customers with a more transparent and streamlined value-oriented experience while creating additional revenue streams. With additional capital, the company is positioned to capture additional share of the personal lines’ insurance market through a combination of its leading technology capabilities and unique embedded distribution model.”
– Neil Kenley, Principal at Vistara Growth
“We’re thrilled to partner with Vistara Growth, whose deep expertise in supporting technology-driven companies makes them the ideal partner for Matic as we continue to scale. Their flexible capital will help us expand our reach, enhance our in-house technology, and strengthen our partnerships with financial institutions and insurance carriers. Matic was founded on the belief that buying insurance should be simple, transparent, and elegantly integrated into the customer journey. With Vistara’s support, we’re confident in our ability to lead the transformation of embedded insurance solutions and deliver even greater value to our partners and their customers.”
– Stuart Rhodes, CFO at Matic
