Insurtech Branch Insurance has nabbed $50 million in a Series B funding round, TechCrunch reported.
The latest round was led by Anthemis Group and brings its total funding to date to $82.5 million. The company plans to use the latest capital infusion to speed up its expansion in the U.S. in order to facilitate more partnerships. Branch Insurance has over 30 partnerships and is launching in more states.
Founded in 2017, Branch claims to be able to provide customers with “an instant insurance offer” for bundled home and auto insurance “within seconds” using just a few pieces of information. The company has plans to take its rapid underwriting and quoting technology for home and auto insurance nationwide by the end of 2021, according to previous reporting. The company raised $24 million in a Series A funding round in July.
TechCrunch reported that the company has seen a 660% increase in active policies and 734% increase in active premiums since its last funding raise.
In January, we reported on Branch Insurance’s strategic partnership with security and smart home solutions ADT to offer ADT home security customers discounts on their home and car insurance.
Branch Insurance CEO and Co-Founder Steve Lekas said in a former interview with FinLedger that this partnership allows Branch to offer less expensive insurance to consumers. The partnership fuses ADT’s monitoring services for intrusion, smoke, carbon monoxide and flood detection with Branch’s instant-pricing model to create insurance for those who use ADT’s services.
In other recent fintech news, Atom Finance, a New York-based market intelligence platform, is partnering with Brazilian digital bank Banco Inter. With Atom Finance, Banco Inter’s customers will have access to a comprehensive suite of investment research and portfolio analysis tools that are comparable to products such as the Bloomberg Terminal, but at a more affordable price point.