Buckle has secured $60m from a Series B funding round that was led by Volery Capital Partners.
The round also saw participation from Eldbridge, Assurant Ventures and HSCM Bermuda amongst others that were undisclosed.
HSCM also expanded Buckle’s surplus term loan from $10m to $20m to provide extra capital to support the premium growth of Buckle’s Gateway Insurance company. As part of the deal, Volery will also join Buckle’s board of directors.
Founded in 2017, Buckle provides insurance and credit products to those that earn less than the average US wage and can face penalisation for having poor or no credit. The company’s core hybrid auto insurance policy for rideshare and delivery drivers uses data from Transportation Network Company platforms to underwrite policies.
According to Buckle, the newly raised capital will help Buckle to scale its full-stack insurance-as-a-service platform across the US. The company has recently introduced an auto financing product to its members in Georgia with plans to expand credit to other states soon.
Buckle CEO Marty Young said, “This new raise helps validate Buckle’s positive momentum across its insurance programs and reinforces our belief in the opportunity for growth the company faces today. Through our capital efficient, multi-carrier strategy, we’re 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.”
Volery managing partner Manny Citron added, “The pandemic has shown the essential value that gig workers contribute to the broader economy. 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.”
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