At a conference in London last year, one investor said that if we think fintech has been big, “just wait” for insurtech.
That comment appears to have been validated by news Metromile has just landed nearly $200m in Series D funding for its auto insurance payments platform.
The San Francisco-based company has picked up $191.5m in backing from Adyen and Facebook investor Index Ventures, First Round Capital, CPIC, SV Angel, Intact Financial and New Enterprise Associates.
Angels in the shape of Metromile founder and chairman David Friedberg, plus Mark Cuban also took part. Another notable investor is Tokyo’s Mitsui Group. The firm reportedly raised the money over the past few years, but didn’t make the news public until right now.
Metromile’s pitch is insurance that you pay by the mile. The idea is to challenge the idea you need to pay a block sum of money for insurance regardless of how much you actually drive.
The firm is using funding to fund growth, drive expansion around the US and also to acquire an insurance carrier.
The company has bought firm called Mosaic Insurance in a deal that means it can underwrite its own policies, thus managing the claims process from start to finish. For now the firm can only underwrite in a limited number of states.
The funding round totalled $61m, and will used to finance the company's global expansion plans.
Monzo also revealed its latest funding round last week.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
Funding Circle has perhaps started 2017 in a better way than most. The London-based lending platform that connects small businesses with investors has raised $100m (£82m) in equity investment.