Buckle Corp., a Jersey City, N.J.-based tech-enabled financial services company, raised $60m in Series B funding.
The round was led by Volery Capital Partners with participation from Eldridge, Assurant Ventures, as well as HSCM Bermuda and other insiders. As part of this transaction, Volery Capital Partners will join Buckle’s Board of Directors. In addition to the $60m in Series B financing, HSCM Bermuda also expanded the Company’s surplus term loan from $10m to $20m to provide additional capital to support the premium growth of Buckle’s Gateway Insurance Company. Buckle has closed over $100m in debt and equity funding since inception.
The capital will allow the company scale its full-stack insurance-as-a-service platform.
Led by Marty Young, co-founder and CEO, Buckle is a digital financial services company serving the middle class and providers to the gig economy. Using a portfolio of technologies and data sources, the company provides insurance and credit products to those who earn less than the average American wage and are subsequently penalized for having poor or no credit. Its core hybrid auto insurance policy for rideshare and delivery drivers uses data from Transportation Network Company (TNC) platforms to underwrite policies.
The company also acquired and recapitalized three admitted insurance carriers, Gateway Insurance Company, American Service Insurance Company, and American Country Insurance Company. Through its multi-carrier insurance platform and strategic MGA partnerships, Buckle expanded insurance products for gig workers to include traditional taxi, limousine, rideshare fleets, and non-standard personal auto. In addition to launching additional insurance products and partnerships, the company recently introduced an auto financing product to its Members in Georgia with plans to expand credit to other states soon.
FinSMEs
30/09/2021