Buckle raises a $15 million loan

Buckle , a digital financial services company for the gig economy, has completed a $15 million upsizing of its term loan with participation from Siguler Guff & Company along with existing lender Hudson Structured Capital Management.

This increases the total to $35 million. The proceeds of the deal provide capital to support the company’s distribution of its signature gig insurance products and the significant growth of business on its carriers, along with Buckle’s strategy of utilizing a portfolio of reinsurance partnerships across all programs. This transaction brings the total capital raised by Buckle to date to approximately $115 million.

In 2019, Buckle launched its core rideshare insurance policy that combines personal and commercial coverages. In 2020, the company announced the acquisition and recapitalization of Gateway Insurance Company (Gateway), and in 2021 acquired and recapitalized American Service Insurance Company and American Country Insurance Company to obtain the 49 state insurance licenses the company is utilizing today. Through Gateway, Buckle is expanding insurance coverage to include transportation network companies (TNCs) and delivery network companies (DNCs), as well as traditional taxi, limo, and livery businesses.

Over the past three months, Buckle has successfully extended all expiring reinsurance with its incumbent reinsurers in addition to adding a key new reinsurer.

Buckle’s growth trajectory includes planned expansion across insurance and credit products as well as additional partnerships as it expands nationwide.