US-based insurtech firm AgentSync has acquired cloud-based identity verification and management platform Finvera for an undisclosed sum.

The acquisition of Finvera is part of AgentSync’s strategy to build a ‘comprehensive’ broker management solution for the insurance industry.

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Finvera is said to create a ‘secure and fast’ verification process for both brokers and carriers.

It allows brokers to store personal data, state licenses, and carrier appointments in Finvera’s cloud identity passport.

Using Finvera, brokers can verify their identity and licensing, and share their credentials and biographic information with agencies and carriers.

Additionally, brokers can allow or revoke access to data as per requirement.

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AgentSync co-founder and CEO Niji Sabharwal said: “In addition to improving the producer management process for carriers, MGAs, and agencies, AgentSync is committed to building tools that empower the brokers who play a critical role in the insurance ecosystem, ultimately driving efficiencies and raising the bar for distribution management technology across the entire industry.”

Finvera founder and AgentSync head of product Cameron Nordholm said: “Joining forces with AgentSync accelerates the Finvera vision to streamline identity verification and management. When two companies are so completely aligned on creating a better experience for hundreds of thousands of professionals, the synergy is incredible.”

Earlier this year, AgentSync raked in $25m in a Series A funding round, which valued the firm at $220m.

Elad Gil and David Sacks’ Craft Ventures co-led AgentSync’s Series A round.