Vouch Insurance acquires Level
Business insurance startup Vouch Insurance has acquired lending startup Level (Asabase) and its team of engineers.
Founded in 2021, Level, which raised $2.3 million, helps lending startups access financing. Level’s solution integrates with a company’s existing systems to determine eligibility and credit limit based on the value of their active portfolio, historical loan performance, financial health, and growth metrics.
The Level team will use their “expertise in building fast and efficient underwriting systems” to help Vouch continue to “effectively underwrite and support complex insurance policies.”
“Level’s unique expertise in building and scaling underwriting systems will bring additional knowledge to our team as we continue to effectively underwrite and support complex insurance policies. The team at Level demonstrated their ability to solve complex problems in a highly regulated space, and as we got to know them, we discovered many similarities in our vision to build a value-driven company. We’re thrilled to bring the Level team on board.” – Sam Hodges, CEO and co-founder, Vouch.
“Joining the Vouch team was an easy decision for us. We were impressed by Sam and the team’s pace of development within this exciting market opportunity and look forward to contributing our expertise to the company’s growth.” – Level founders Vladimir Korshin, and Asa Schachar.
Terms of the deal were not disclosed.