Jooycar, an InsurTech platform based in Chile, has reportedly secured $750,000 in funding to help it move into the US market, despite the current pandemic.
The InsurTech platform is hoping to enter the US market by September 2020, according to a report from Contxto. HSC Capital Partners led the investment round, the report states.
Prior to this funding round, Jooycar closed a $3m back in 2018. The capital was also supplied by private equity firm HCS Capital Partners.
Jooycar utilises real-time driving data to give customers in Mexico, Peru and Chile with usage-based insurance policies. The InsurTech uses a connected platform that combines data collected from a device plugged into a vehicle and through the mobile phone to create driver records.
Latin America’s FinTech space has rapidly grown since 2016, FinTech Global data shows. A total of $350.4m was invested across 118 FinTech deals in 2016; however, last year, a sizable $2.7bn was invested through 171 transactions. Investment over their period has grown at a CAGR of 98.9%,
The region has also seen a number of unicorns established, most notably is NuBank which became valued at $10bn after it closed a $400m funding round last year.