Matic raises $30 million

Digital insurance broker Matic Insurance has secured $30 million from Vistara Growth, a provider of flexible growth capital to software and technology enabled services companies.

Matic will use the proceeds to increase distribution partnerships and develop its technology platform.

Matic provides an embedded insurance platform to mortgage servicers, originators, banks and other financial institutions to offer home, auto, and other personal lines products to their customers. Since Matic’s launch in 2017, the company has partnered with over 100 organizations, which represent 20% of the US mortgage market. Matic’s marketplace is powered by over 60 insurance carriers.

“Matic’s technology platform is a natural extension for its distribution partners who are looking to provide customers with a more transparent and streamlined value-oriented experience while creating additional revenue streams. With additional capital, the company is positioned to capture additional share of the personal lines’ insurance market through a combination of its leading technology capabilities and unique embedded distribution model.” – Neil Kenley, Principal at Vistara Growth.

“We’re thrilled to partner with Vistara Growth, whose deep expertise in supporting technology-driven companies makes them the ideal partner for Matic as we continue to scale. Their flexible capital will help us expand our reach, enhance our in-house technology, and strengthen our partnerships with financial institutions and insurance carriers. Matic was founded on the belief that buying insurance should be simple, transparent, and elegantly integrated into the customer journey. With Vistara’s support, we’re confident in our ability to lead the transformation of embedded insurance solutions and deliver even greater value to our partners and their customers.” – Stuart Rhodes, CFO at Matic.