US-based insurtech InsurePay, which offers Pay-As-You-Go (PayGo) workers’ compensation billing, has concluded a $5m Series A round financing to accelerate its growth.

The round was led by Nashville-based venture capital firm FINTOP Capital, which was joined by several other strategic industry investors.

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Founded in 2003, InsurePay provides a workers’ compensation administration and insurance premium billing platform for insurers.

The platform is claimed to offer more accurate premium payments in each pay cycle by calculating workers’ compensation premiums based on actual payroll data, rather than estimated annual payroll amounts.

Additionally, it streamlines the delivery of policyholder, payroll, and premium data, enabling Pay-As-You-Go (PayGo) workers’ compensation billing customers.

The company intends to use the new capital to expand its sales and marketing efforts, bolster its product investments, and support hiring efforts.

InsurePay president and CEO Adam Beck 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.”

FINTOP Capital managing partner Joe Maxwell added: “We are excited to be partnering with the InsurePay team.

“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.”

As part of the financing, Maxwell and FINTOP Capital general partner Rick Holton will join the InsurePay board. InsurePay’s former chief administrative officer Richardson will remain with the company as the executive chairman of the board.