Functional Finance, a San Francisco, CA-based provider of a financial operations (FinOps) platform for managing general agents (MGAs), insurance companies, and wholesalers, raised $20M in Series A funding.
The round was led by Walkabout Ventures, with participation from Munich Re Ventures and Phil Edmundson.
The company intends to use the funds to accelerate its product development and invest in additional strategic hiring for engineering, product development, customer success, and operations.
Led by CEO Rashmi Melgiri, Functional Finance is a provider of a software platform that offers comprehensive solutions that simplify invoicing, premium payments, collections, reconciliation, and more. By automating these back-office functions, it also enables insurance organizations to focus on creating new products, mitigating existing and emerging risks, and improving underwriting accuracy.
FinSMEs
20/09/2024