# Open Money Group

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/open-money-group-pty

- Industry: Insurance
- Headquarters: Sydney, Australia
- Website: www.beopen.com
- Total disclosed funding: $31M
- Latest round: Series B (Aug 21, 2021)
- Investors on record: 8

## About

Open Money Group Pty Ltd, based in Sydney, Australia, specializes in providing digital-first insurance solutions to enhance customer experience across various sectors including car, home, travel, and landlord insurance.Open Money Group Pty Ltd operates in the insurance technology sector, focusing on high-quality branded insurance products. Founded in 2016 in Sydney, Australia, by Emily Anderson, the company has completed 3 deals, with its most recent funding round being a Series B in August 2021, raising AUD 26.998 mn. The company has not undergone any significant strategic pivots or changes in operations since its inception.Open Money Group Pty Ltd offers a variety of digital-first insurance products tailored for the UK, Australia, and New Zealand markets. These include car, home, travel, and landlord insurance, developed in partnership with leading global underwriters. Their direct-to-consumer brand, Huddle, enables seamless integration of insurance solutions into marketplace platforms, enhancing customer satisfaction through efficient processes for sales, payments, claims, and analytics.The revenue model of Open Money Group Pty Ltd centers around partnerships and direct-to-consumer sales of insurance products. This transactional model focuses on providing customized solutions that integrate into existing brands, facilitating both B2B collaborations and direct transactions with consumers, all while ensuring compliance with regulatory standards across its operating markets.Following a successful Series B funding round in August 2021, in which Open Money Group Pty Ltd raised AUD 27 mn co-led by Latitude and Movac, the company plans to expand its teams in Australia and New Zealand. The funding will support the development of new products targeting the SME segment and will accelerate overall growth within these key markets.

## Funding rounds

- Series B, Aug 21, 2021, $19M — Movac, AirTree Ventures, Five V Capital, Latitude, Hollard Insurance, Seven West Media Ltd, Hosanda Corporation Pty Limited
- Series A, Oct 23, 2018, $12M — AirTree Ventures, Gleneagle Asset Management, Hollard Insurance, Seven West Media Ltd, Hosanda Corporation Pty Limited

## Investors

- AirTree Ventures (https://capitalatlas.ai/funds/airtree-ventures) — Series A, Series B
- Gleneagle Asset Management — Series A
- Hollard Insurance — Series A, Series B
- Seven West Media Ltd — Series A, Series B
- Hosanda Corporation Pty Limited — Series A, Series B
- Movac (https://capitalatlas.ai/funds/movac) — Series B
- Five V Capital (https://capitalatlas.ai/funds/five-v-capital) — Series B
- Latitude (https://capitalatlas.ai/funds/latitude) — Series B