UK’s insurtech Wrisk has grabbed £4.6 million in a Series A funding round

The London-based insurtech Wrisk has today announced a £4.6 million Series A round which was led by QBN Capital. Wrisk has developed a platform that combines Insurance and Technology in one in just one app. The funding will be used to further scale their platform, with its expansion to be serving insurance needs across different sectors, covering from motor to travel and health to professional. Guiness Asset Management and Cell Rising Capital also participated in the round.

Darius Kumana and Niall Barton founded the company in 2016 and they will mainly focus on the automotive industry providing a more personalized experience. The platform creates highly enganging and simplified insurance experienced to build their customer loyalty, with its first “flexible monthly subscription-based insurance product” launched last month in partnership with the RAC, allowing customers to pay for the miles they drive.

Nimeshh Patel, Wrisk’s CEO, commented:Wrisk has come a long way on our journey from creating a contents insurance app to becoming a strategic partner to large automotive brands by building and operating mobile-first insurance experiences that their customers engage with.

It is worth mentioning that the company is backed by FCA to offer insurers, customers and makers a tailor-made and regulated insurance solutions which facilitate their ongoing relationship. “We’re constantly looking ahead to what the future of buying, working and traveling behaviors looks like, to ensure that insurance delivers on the evolving protection needs of customers. We create products that have the customer at the core and are adapting to their lives, and I think investors have clearly recognized that, as well as our ability to quickly adapt to difficult market dynamics. I am extremely proud of the work put in by the team over the past year to get us to this fundraise, which I hope is the start of an exciting scaling path for our product offering. We are restless to scale our vision but with better trust in insurance as our endgame, we are equally determined that none of this doesn’t come at the expense of a considered and thoughtful approach.

We are excited to invest and work with the Wrisk team supporting them to refine and perfect their offering, always staying ahead of customers’ tastes and the industry’s own evolution”, said Philea Chim, Senior Vice President at QBN Capital.They have shown an incredible amount of grit during this tough period and have come out the other end, making us all the prouder to lead this round. The insurtech market is a highly competitive one, with headline grabbing fundraises being announced every week – but we believe Wrisk has the right team, values, technology and approach to change the industry from the inside and build one of the most sustainable offers out there.”

Source: “London-based insurtech Wrisk wraises £4.6 million in Series A wround, seeks to twansform how insurance is sold”

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