Fineos Corporation Holdings PLC (ASX:FCL), a Dublin, Ireland-based insurtech company listed in Sydney, raised AUS$40m (approx. €24m) in funding.
The round included:
- a fully-underwritten A$35m institutional placement to sophisticated, professional and institutional investors; and
- A$5m conditional placement to Michael Kelly, Founder, Director and CEO of the company, subject to Fineos’ securityholder approval being obtained at the company’s AGM in December 2023.
The company intends to use the funds to strengthen its balance sheet and expand operations and its business reach.
Fineos is a provider of core systems for life, accident and health insurance carriers globally with 7 of the 10 largest employee benefits insurers in the U.S. as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, the company works with innovative, progressive insurers in North America, EMEA, and Asia Pacific.
FinSMEs
18/08/2023