InsurePay bags funding to support fellow InsurTech acquisition

InsurePay, a billing and payments platform for property and casualty, has closed its Series B funding round.

Aquiline Technology Growth served as the lead investor, with commitments also coming from FINTOP and other unnamed strategic investors.

With the funds, InsurePay will acquire Split Limit Studios and its TRUPAY solution. As part of this deal, Split Limit Studios CEO George Kostakos will join InsurePay as its new chief revenue officer.

The companied company will operate under the InsurePay brand and InsurePay will continue to support both solutions in the near term as it transitions to a shared best-in-class offering.

The size of the deal was not disclosed.

InsurePay is a billing and payments provider that enables insurance providers to offer pay-as-you-go billing and payment solutions to the P&C insurance market, including workers’ compensation insurance carriers. Its technology can calculate compensation premiums based on actual payroll data rather than estimated payroll amounts.

InsurePay CEO Adam Beck said, “The investment brings together leaders in InsurTech billing and payments for workers’ compensation and establishes InsurePay as the industry leader in pay-as-you-go solutions.”

“The two solutions complement each other, and the acquisition unites experienced talent from both teams that will help InsurePay to serve customers and build upon its platform to offer the next generation of solutions.”

InsurePay previously raised $5m in its Series A round last year.

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