Earnix, which has built an AI-powered pricing and product personalisation platform for insurance and banking, has reached the highly coveted unicorn status.
The FinTech attained a $1bn valuation after the close of a $75m growth funding round.
Insight Partners served as the lead investor, with additional contributions coming from JVP, Vintage Partners and Israel Growth Partners. As part for the deal, Insight Partners principal Jonathan Rosenbaum will join the Earnix board of directors.
Funds from the round will be used to further its global expansion into new market segments and regions. Additionally, capital will be used to invest into product innovation, hire more staff and further its merger and acquisition efforts.
Earnix claims it is bridging the gap between financial institutions and the needs of their customers.
The FinTech utilises AI-powered advanced analytics to provide customers with personalised offers. Clients can help their customers find personalised usage-based insurance, personal and commercial P&C, health and life insurance products. Banks can also offer their customers personalised personal and auto loans, mortgages, and deposits and savings.
Earnix has offices in North America, Europe, Asia Pacific and Israel.
Insight Partners principal Jonathan Rosenbaum said, “Earnix offers a differentiated, true SaaS product in a market riddled with custom development and services.
“Customers across Insurance and Banking have a strong mandate to adopt new technologies and related processes so as to remain competitive. Earnix is uniquely positioned to capture this demand to the benefit of their customers and the end consumers.
“Earnix represents one of the most important core systems an insurer or bank will procure in the coming years. With our unparalleled ScaleUp resources, we look forward to partnering with the company to meet its growth plans in the coming years.”
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