Fintech
Ascend Raises $30M Series A and Secures $250M Lending Commitment To Boost Modern Insurance Payment Offerings
![](https://thefintechbuzz.com/wp-content/uploads/2022/01/Ascend-Raises-30M-Series-A-and-Secures-250M-Lending-Commitment-To-Boost-Modern-Insurance-Payment-Offerings-1.jpg)
Ascend, the first modern insurance payments platform, announced that they have raised a $30M Series A in equity funding, bringing the total funding raised to $39M along with a $250M lending commitment to finance insurance premium loans through its platform facilitated by Hudson Structured Capital Management Ltd. – doing its re/insurance business as HSCM Bermuda – an investment adviser that specializes in re/insurance, insurtech, and transportation investments.
The Series A funding was led by Index Ventures with participation from new investors such as Distributed Ventures and its anchor limited partner NFP, the tenth-largest property and casualty insurance brokerage globally, HSCM Bermuda, XYZ Ventures, and a series of strategic angel investors including Garret Koehn (Investor at The Batchery and the President of CRC Insurance); Courtney Leimkulher (Founding Partner at Springbank Collective and former CFO of Marsh); Mischief, (a venture capital fund led by the CEO of payments infrastructure company Plaid); Nilam Ganenthiran (former President of Instacart); Nathaniel Manning (Co-Founder of Kettle Insurance); and other fintech operators including Misha Esipov (CEO and Founder at Nova Credit), Marc Bhargava (co-founder of Tagomi and currently at Coinbase); Mahdi Raza (Partner at Exponent Capital), and Charley Ma (General Manager at Alloy). Also participating were existing investors First Round Capital, Susa Ventures, and FirstMark Capital.
Ascend’s payments APIs and no code products automate insurance payments end-to-end — from an online point of sale with buy now, pay later financing to the distribution of commissions and carrier payables. This enables insurance brokers, MGAs, and carriers to sell more policies by eliminating labor-intensive, expensive processes while providing customers with the great online checkout and financing experience they’ve come to expect.
“We’ve seen an enormous surge in demand over the last six months since we launched. Our payment software greatly reduces purchase friction for customers buying insurance while simultaneously reducing or eliminating traditionally labor-intensive operational processes for brokerages, MGAs, and carriers,” says Praveen Chekuri, Co-CEO, and Co-Founder at Ascend. “With this new funding, we can meet that demand and help more customers use Ascend’s embedded payments and buy-now-pay-later offering. We’re excited to have the backing and financial support of these investors to help insurance distributors and carriers sell their products more effectively and build out the future of the insurance infrastructure”, says Chekuri.
The funding will be used to hire dozens of new team members – 50% of Ascend’s employees are from groups typically underrepresented in tech. The team will be critical in expanding the product’s rapid growth and improving feature sets including the user experience for no-code customers, integrations with industry dominant agency management systems, and ensuring the full suite of product features are easily accessible in APIs so customers can utilize the product to its full potential. The lending capacity will be used to streamline both commercial and personal lines of insurance loans, helping to ease the friction with modern financing infrastructure and the increasing demand for high-quality customer experiences.
“Buying commercial insurance is shockingly complicated – I’ve seen this pain point firsthand from our investments in companies like Coverwallet, Vouch, Coalition, and Newfront Insurance,” says Mark Goldberg, Partner at Index Ventures. “Building a modern checkout experience that feels more Shopify and less like filing tax forms is the biggest opportunity in the insurance market today. There’s an immediate need for the type of verticalized and embedded end-to-end payments product that spans brokers, MGAs, and carriers” says Goldberg. “Ascend will redefine how insurance is bought and sold for the coming decade and we’re excited to see this team execute and grow so quickly.”
Today, Ascend is operating nationally in all 50 states working with industry-leading customers including Vouch, Cowbell, Newfront, Boost Insurance, NFP, LuckyTruck, Rogue Risk, Portal Insurance, and Riskwell. Ascend customers have seen increases in policy purchase conversion due to the reduced friction when given the option of monthly flexible payments at point of sale. In some cases, customer adoption of financing has more than doubled from less than 40% (pre-Ascend) to 80% (post-Ascend). Additionally, millions of dollars of policies have been transacted through Ascend with the average value of each being nearly $10k, 61% of transactions are premium finance loans, the remaining 39% are policies paid in full while 33% of checkouts created convert to a transaction and 30% of all conversions are on the same day the checkout is created.
Fintech
Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
![fintech-pulse:-your-daily-industry-brief-(chime,-zbd,-mica)](https://thefintechbuzz.com/wp-content/uploads/2024/12/57931-fintech-pulse-your-daily-industry-brief-chime-zbd-mica.jpg)
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Fintech
SPAYZ.io prepares for iFX EXPO Dubai 2025
![spayz.io-prepares-for-ifx-expo-dubai-2025](https://thefintechbuzz.com/wp-content/uploads/2024/12/57898-spayz-io-prepares-for-ifx-expo-dubai-2025.png)
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Fintech
Airtm Enhances Its Board of Directors with Two Strategic Appointments
![airtm-enhances-its-board-of-directors-with-two-strategic-appointments](https://thefintechbuzz.com/wp-content/uploads/2024/12/57900-airtm-enhances-its-board-of-directors-with-two-strategic-appointments.png)
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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