InsurePay raises $5m for workers’ comp billing platform

InsurePay has raised $5 million in a Series A financing round for its workers’ compensation administration and insurance premium billing platform designed for insurance providers.

The financing round of the Florida-based insurtech company was led by FINTOP Capital, a venture capital firm based in Nashville. It also saw the participation from various other strategic industry investors.

Adam Beck – president and CEO of InsurePay said: “FINTOP’s investment is well-timed to meet the rapidly increasing demand for our solution.

“We found a partner in FINTOP that shares our values, our passion for the space, and has a tremendous track record of building exceptional businesses. We are thrilled to have access to their resources and thought partnership as we begin our next chapter of growth.”

InsurePay raises $5m for workers’ comp billing platform

InsurePay intends to use the funds to expand its sales and marketing efforts aggressively, while expediting product investments, and support hiring of new, veteran personnel to its team.

The insurtech company helps insurance providers in offering a pay-as-you-go (PayGo) billing solution for workers’ compensation policyholders.

InsurePay’s solutions calculate workers’ compensation premiums based on actual payroll data instead of calculating on estimated annual payroll amounts. This helps in more accurate premium payments each pay cycle, said the insurtech company.

By using a Software-as-a-Service (SaaS) model and connecting with various insurance carriers, InsurePay is said to offer a simple, accurate, and flexible approach to provide the payment option for carriers, agents, payroll providers, and also policyholders.

Joe Maxwell – managing partner at FINTOP Capital said: “When Adam and Gex Richardson shared their compelling vision for the company, we knew that our domain expertise made FINTOP a perfect fit. Our experience growing sales and marketing teams, driving product innovation, and executing M&A will be exactly what the team needs to accelerate and expand on their vision.”