InsurePay raises $5 million
Florida-based InsurePay , a workers’ compensation administration and insurance premium billing platform for insurance providers, announced that it has completed a $5 million Series A round of financing led by FINTOP Capital.
Founded in 2003, InsurePay is a provider of a Pay-As-You-Go billing for workers’ compensation policyholders. Its solutions calculate workers’ compensation premiums based on actual payroll data rather than estimated annual payroll amounts, which according to the company results in more accurate premium payments each pay cycle.
“By utilizing a Software-as-a-Service (SaaS) model and connecting with many of the top insurance carriers in the industry, InsurePay provides a simple, accurate, and flexible approach to delivering this beneficial payment option for carriers, agents, payroll providers, and policyholders.”
“FINTOP’s investment is well-timed to meet the rapidly increasing demand for our solution. We found a partner in FINTOP that shares our values, our passion for the space, and has a tremendous track record of building exceptional businesses. We are thrilled to have access to their resources and thought partnership as we begin our next chapter of growth.” – Adam Beck, president and CEO of InsurePay.
“We are excited to be partnering with the InsurePay team. When Adam and Gex Richardson shared their compelling vision for the company, we knew that our domain expertise made FINTOP a perfect fit. Our experience growing sales and marketing teams, driving product innovation, and executing M&A will be exactly what the team needs to accelerate and expand on their vision.” – Joe Maxwell, managing partner at FINTOP Capital.