Suretys raises $2 million

Following our coverage from January, Suretys, a digital insurance provider that replaces the need for a cosigner for auto sales and leases, is disclosing $2 million in seed funding from Victorum Capital and other investors.

Suretys was founded in 2018 with the mission to help first-time auto buyers purchase or lease a car without the need of a cosigner. The company developed a proprietary credit risk assessment model that leverages bank data, artificial intelligence, and machine learning to qualify borrowers, and it is collaborating with Markel Insurtech Underwriters, a division of Markel, to underwrite the Suretys PlusOne insurance product in the state of Texas.

“Suretys identified a problem in the auto loan and leasing process that they believed could be solved with an insurance product. They came to us with a sophisticated, yet practical, technology solution that is quite scalable. We’re excited to work with the company’s very capable team.” – Scott Whitehead, managing director, Markel Insurtech Underwriters.

“Suretys is a real advantage for lending institutions seeking to attract new and younger members. In addition to better serving a younger demographic, Suretys positions lending institutions to gain additional non-interest income through sales of other products with auto purchase transactions.” – Josh Minsky, founder and CEO of Suretys.

“Suretys is changing the car buying experience. We are excited for our partnership with Suretys as they scale their platform and expand their team to help first-time car buyers.” – James Roller, managing partner of Victorum Capital.