Ascend is an NYC-based platform for modern insurance payments. It raised $30M in Series B equity funding. This brings the total amount raised to $39M.
Index Ventures led the round with participation from new investors like Distributed Ventures and NFP, HSCM Bermuda and XYZ Ventures. There was also participation by a number of strategic angel investors, including:
- Garret Koehn, (Investor at The Batchery, President of CRC Insurance);
- Courtney Leimkulher, Founding Partner at Springbank Collective, and former CFO for Marsh
- Mischief (a venture capital firm led by Plaid’s CEO, the payments infrastructure company Plaid);
- Nilam Ganenthiran (former President, Instacart);
- Nathaniel Manning, Co-Founder of Kettle Insurance
- Misha Esipov (CEO & Founder at Nova Credit), ,
- Marc Bhargava, co-founder of Tagomi (currently at Coinbase) ;
- Mahdi Raza (Partner at Exponent Capital),
- Charley Ma (General Manager at Alloy),
- First Round Capital,
- Susa Ventures
- FirstMark Capital.
The company plans to use the funds for dozens of new employees, growth, and improved feature sets, including the user experience for customers without code, integrations with industry-leading agency management systems, as well as ensuring that all product features are available in APIs, so customers can fully utilize the product.
A $250M loan commitment was also made by the company to finance premium insurance loans via its platform facilitated through Hudson Structured Capital Management Ltd. HSCM Bermuda is an investment advisor that specializes in re/insurance and insurtech. This lending capacity will be used for both personal and commercial lines of insurance loans.
Ascend, founded by Praveen Chekuri and Andrew Wynn, two insurtech entrepreneurs, provides an insurance payment platform that automates all-in-one financing and collections. The company’s payment APIs and no-code products automate all aspects of insurance payments, from the point of sale online with buy now, and pay later financing through to the distribution and payment of commissions and carrier payments.
Ascend operates in all 50 states today, working with customers such as Vouch, Cowbell and Newfront, Boost Insurance. LuckyTruck, Rogue Risk. Portal Insurance. Riskwell.