Tech-enabled financial services firm Buckle has raised $60m in a Series B funding round led by Volery Capital Partners.
The round also saw participation from Eldbridge, Assurant Ventures and HSCM Bermuda apart from few undisclosed investors.
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Concurrently, HSCM Bermuda doubled Buckle’s surplus term loan from $10m to $20m.
It is expected to provide additional capital to support the growth of insurtech’s Gateway Insurance Company.
Buckle intends to use the funding to scale its full-stack insurance-as-a-service platform across the US as well as for increasing sales.
The insurer is focused on the rising middle class and gig economy.
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By GlobalDataBuckle co-founder and CEO Marty Young said: “Through our capital-efficient, multi-carrier strategy, we are expanding our digital insurance platform nationwide so that we can offer a range of attractive insurance options to US gig economy workers, many of whom have been considered essential workers throughout the pandemic.”
Buckle’s core hybrid auto insurance policy for rideshare and delivery drivers uses data from Transportation Network Company (TNC) platforms instead of credit scores to underwrite policies.
Volery managing partner Manny Citron said: “The gig ecosystem is growing rapidly but requires innovative and inclusive financial services to address the needs of this dynamic workforce.
“We support Buckle’s efforts to reimagine insurance, credit and other financial products for this growing, yet underserved market. We are excited to be part of the journey.”
Through its insurance platform and MGA partnerships, Buckle has expanded its product portfolio to accommodate traditional taxis, limousines, rideshare fleets, and non-standard personal auto.
Furthermore, it has also launched an auto financing product in Georgia and plans to expand the credit offering in other states too.
