Ascend Raises 5,5 millions in Seed Funding To Modernize Insurance Industry's Financial Infrastructure (FCI) Modernization of the Insurance industry'' s financial infrastructure
Ascend, the first modern insurance payment platform that provides automated all-in-one financing, collections and payables, today announced that they raised $5.5M in seed investment funding. First Round Capital led the round, with participation from Susa Ventures, FirstMark Capital and Box Group. Several strategic angels contributed to the funding, including Joshua Motta, CEO of Coalition; Spike Lipkin, founder of Newfront Insurance; Gordon Wintrob, CTO of BV; Sam Hodges, co
Ascend's payments APIs automate insurance payments end-to-end from online point of sale to buy now, pay later financing to the distribution of commissions and carrier payables. This allows insurance distributors to sell more policies by eliminating labor intensive and expensive processes while presenting the customers with a great online checkout and financing experience they've come to expect. Ascend was built on the assumption that, as the insurance industry moves from offline to online, insurance distributors should provide a modern seamless customer experience with iPayment infrastructure, to keep pace with the growing demand for high quality customer
This latest round of funding will help Ascend expand and evolve they intend to focus on product development, go to market initiatives, and bring on new team members.
"The insurance industry is seeing a once in ten years transformation," says Andrew Wynn, co-founder and CEO of Ascend. "Today, insurance distributors and carriers aren't enabled with modern technology, leaving them stuck with pen and paper processes, outdated systems and complicated operations behind the scenes. This results in poor customer experience, because modern tools for critical things like billing and payments don't exist. Our mission is to modernize insurance's financial infrastructure so that carriers and distributors can successfully be successful in the digital world today."
Andrew and his co-founder Praveen Chekuri saw the challenges that existed on the back end for insurance sellers and how it impacted building strong customer experiences. Property and casualty l insurance payments are outdated, operationally expensive, and offer poor customer experience, resulting in problems for all players in the transaction, including insurance sellers, buyers, carriers. This is what inspired them to create a platform like Ascend, which modernizes the insurance payment system and tackles these pain points.
"There's a huge opportunity in insurance infrastructure, which is extremely outdated." Ascend allows insurance sellers/distributors to collect payments, offer financing and pay balances, says Bill Trenchard, partner at First Round Capital. The industry will change the way the countless steps of money movement as a service for the insurance industry, and saving time and effort will become efficiencies. We're excited to be able to stand alongside the team as they continue on this journey."
"At Newfront, we pride ourselves on being the foremost modern and technological enabled insurance brokerage," says Spike Lipkin, New front insurance chief. "We're excited that Ascend's payment solution shares our vision to deliver the best customer experience and simplify tedious, costly operational processes."
For more information, visit https://useascend.com.
About a number : about n about, x? Ascend is a modern insurance payment platform that provides automated single-use financing, collections and payables. Ascend, founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, helps distributors sell more by eliminating labor intensive, expensive processes and providing the best online checkout and financing experience they've To learn more, visit https://useascend.com.
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