# Insurepay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/insurepay

- Industry: Software
- Headquarters: Sarasota, US
- Website: www.insurepay.com
- Total disclosed funding: $5M
- Latest round: Series B (Apr 6, 2022)
- Investors on record: 2

## About

Insurepay, LLC, based in the US, provides a sophisticated payment platform that enhances payment processing within the insurance industry, ensuring efficient transactions for carriers, agents, and policyholders.Insurepay, LLC specializes in payment solutions for the insurance sector. Founded in 2003 and headquartered in Sarasota, US, the company has completed 3 deals, with its latest funding round being a Series A in April 2022, raising USD 5.00 mn led by FINTOP Capital. Adam Beck serves as the CEO.InsurePay specializes in providing a comprehensive payment platform tailored for the insurance industry, facilitating the collection, disbursement, and reconciliation of payments among various stakeholders, including Carriers, Managing General Agents (MGAs), Agents, and policyholders. Key offerings include streamlined premium collections, flexible payment options at zero cost to policyholders, and automated reconciliation processes. The platform leverages real-time payroll data to calculate and collect premiums efficiently, enabling users to manage claims payments, issue refunds, and automate commission payments to agency partners. InsurePay’s services cater to a diverse client base, including top Workers' Compensation Carriers and large agencies globally, and are designed to eliminate inefficiencies and enhance operational clarity within the insurance payment ecosystem. The company operates in multiple geographic markets, addressing the needs of clients from various regions.InsurePay's revenue model revolves around transaction fees associated with its payment solutions, typically structured through partnerships with insurance carriers and agencies. Clients utilize the platform for premium payments, which are processed in conjunction with real-time payroll data, ensuring accuracy and timeliness in financial transactions. The company also supports automated payments for vendor and agency commissions, creating a seamless flow of financial interactions. Specific pricing plans for the services have not been disclosed, but the platform's flexibility in offering zero-cost payment options for policyholders positions it as a competitive solution within the industry. The revenue is generated primarily through B2B relationships, as InsurePay serves as an intermediary that enhances payment efficiencies for all parties involved in the insurance transaction process.In April 2022, Insurepay, LLC raised USD 5.00 mn in a Series A funding round led by FINTOP Capital. The company plans to utilize this funding to acquire AcordPay, which is anticipated to enhance their service offerings. InsurePay is also actively exploring expansion into new markets, with specific targets yet to be disclosed.

## Funding rounds

- Series B, Apr 6, 2022 — FINTOP Capital, Aquiline Technology Growth
- Series B, Jan 11, 2022 — FINTOP Capital, Aquiline Technology Growth
- Series A, Feb 17, 2021, $5M — FINTOP Capital

## Investors

- FINTOP Capital (https://capitalatlas.ai/funds/fintop-capital) — Series A, Series B
- Aquiline Technology Growth — Series B