InsurTech 50 firm Insly has secured £1.5 million in venture debt funding from Hambro Perks.
A low/no-code software platform for insurers, insurance brokers and managing general agents, Insly featured in our InsurTech 50 ranking this week.
The funding will provide Insly with the resources to scale up its products, marketing and accelerate growth.
Founded by Risto Rossar in 2013, Insly enables insurers, MGAs, brokers, and underwriters to digitise and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, finance and reinsurance.
It aims to make insurance technology easy to implement and use, enabling insurance companies to increase efficiency, optimise customer experience, and reduce unnecessary costs.
“With the development of our no/low-code platform, Insly has evolved from an IT services company to an independent standard-setting product, accelerating customer onboarding and growth,” said CEO Rossar.
“Insly’s readiness for debt financing signifies a major financial milestone, highlighting positive cash flows and a stable, predictable revenue base. This achievement underscores the company’s robust fiscal management and market resilience. Poised for growth, Insly’s financial stability, backed by Hambro Perks’ funding, sets the stage for further innovation and expansion.”
In the last 10 years, Insly has grown to a team of 100, with offices in Tallinn – its core development unit – Vilnius, Warsaw and its London HQ.
It serves over 1,000 brokers, MGAs, and insurers, with over 15,000 users, and over £500m gross premiums transacted on the platform. Its customers span 52 countries around the globe.
Ross Goodwin, partner at Hambro Perks, commented: “We were impressed by Insly’s forward-thinking strategies in reshaping the insurance landscape.
“The company’s dedication to enhancing the capabilities of their industry resonates with our principles of innovation and excellence, and we look forward to supporting them on their ambitious growth plans. With a team marked by exceptional skill and determination, Insly stands out as a catalyst for revolutionary change in the insurance sector.”