Low-code platform Insly raises £1.5m in venture debt funding
Insly – the UK-based software company that has developed a low- and no-code platform for the insurance industry – has secured £1.5m in venture debt funding from Hambro Perks.
The funding will provide Insly with the resources to scale up its products, marketing and accelerate growth, the firm says. Founded by Risto Rossar in 2013, Insly enables insurers, MGAs, brokers and underwriters to digitise and automate their mid- and back-office operations, including distribution, policy administration, underwriting, claims, finance and reinsurance.
Its low-code platform, which it launched last year, is highly customisable and easily configurable to allow users to reduce the time and effort involved in implementation. Since launch, it has reduced the time required for new customer implementations by a factor of three, cutting costs and driving a 36% increase in licence fees in the first half of 2023, Insly says.
In the last ten years, it has grown to a team of 100 with offices in Tallinn, Estonia; Vilnius, Lithuania; and Warsaw, Poland – as well as a headquarters in London. It serves over 1,000 brokers, MGAs, and insurers with over 15,000 users, and more than €500m in gross premiums are transacted on the platform.
Insly ‘a catalyst for change’ in the insurance sector
“With the development of our no/low-code platform, Insly has evolved from an IT services company to an independent standard-setting product, accelerating customer onboarding and growth,” explains Risto Rossar, Founder and CEO of Insly.
“Insly's readiness for debt financing signifies a major financial milestone, highlighting positive cash flows and a stable, predictable revenue base. This achievement underscores the company's robust fiscal management and market resilience. Poised for growth, Insly's financial stability, backed by Hambro Perks' funding, sets the stage for further innovation and expansion.”
Ross Goodwin, Partner at Hambro Perks, continues: "We were impressed by Insly’s forward-thinking strategies in reshaping the insurance landscape. The company’s dedication to enhancing the capabilities of their industry resonates with our principles of innovation and excellence, and we look forward to supporting them on their ambitious growth plans.
“With a team marked by exceptional skill and determination, Insly stands out as a catalyst for revolutionary change in the insurance sector.”
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