Farmers Insurance acquires minority stake in fintech company Jetty
Farmers Insurance has acquired a minority stake in Jetty, a US-based fintech company, for an undisclosed price.
Jetty is said to have designed a solution to help property managers increase their lease conversion, cut down bad debt, and optimize operations. For the renter, the fintech company is said to reduce the barrier to entry, thereby saving residents move-in costs.
The equity investment follows an agreement announced last June under which Toggle Insurance, a Farmers company, became the exclusive reinsurance provider for all new policies written under the core products of Jetty, which include the Jetty Deposit and Jetty Renters Insurance.
Jetty will use the new capital for further improving its existing products apart from supporting the development of new fintech solutions.
Stephanie Lloyd – head of New Ventures for Farmers and president of the Toggle brand said: “We were initially drawn to Jetty by the strength of their brand and their innovative approach to fintech in the real estate vertical, and these initial perceptions have been borne out in the six months that we’ve worked together.
“Jetty has big and exciting plans for the future, and the investment will help the company reach its goals more quickly.”
The other investors of Jetty include Ribbit Capital, Khosla Ventures, and Valar.
Mike Rudoy – Co-Founder and CEO of Jetty said: “This new equity investment is a real vote of confidence in both our existing business and our vision for the future.
“We’ve had a very positive and collaborative relationship with the Farmers and Toggle teams since we announced our reinsurance deal, and this equity investment will further deepen our relationship.”