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Pioneer Insurance partners with Sapiens to drive digital transformation in the Philippines
Pioneer Insurance has chosen Sapiens to enhance its digital transformation efforts in the Philippines.
The collaboration will see Pioneer leverage Sapiens Insurance Platform to accelerate digital transformation and enhance customer experience.
The partnership marks a significant step for Pioneer as it aims to modernise its operations, scale its capabilities, and embrace digitalisation.
By implementing Sapiens’ advanced technology, Pioneer seeks to optimise core processes and improve responsiveness to evolving market demands.
Sapiens, listed on NASDAQ and TASE under the ticker SPNS, is a leading provider of InsurTech solutions, delivering innovative platforms designed to streamline insurance processes and enhance operational efficiency. Its software supports insurers in automating workflows, accelerating product development, and improving customer engagement.
Pioneer Insurance and Surety Corporation is a top insurance provider in the Philippines, offering a wide range of general and surety insurance products. The company is committed to digital innovation to maintain its market leadership and provide customers with modern, efficient solutions.
As part of the collaboration, Sapiens will provide Pioneer with its end-to-end insurance platform, enabling the company to automate key processes and improve customer journeys. The partnership also includes a mentorship model, ensuring that Pioneer can independently manage and scale its digital transformation efforts over time.
Lorenzo Chan, president and CEO of Pioneer Inc., the holding company of the Pioneer companies, said, “Sapiens’ comprehensive platform will enable us to accelerate product development, automate workflows, and enhance customer journeys. This partnership underscores our commitment to delivering innovative and relevant insurance solutions to our customers while significantly improving operational efficiency. The mentorship model provided by Sapiens will also ensure self-sufficiency as we embrace this transformative journey.”
Roni Al-Dor, president and CEO of Sapiens, added, “We are proud to partner with Pioneer, a market-leading insurer in the Philippines, and to demonstrate our growth in this important region. Our insurance platform will empower Pioneer to meet their ambitious growth goals while delivering superior customer experiences. By automating and digitising operations, Pioneer is positioning itself as a true innovator in the region’s insurance market.”
FutureVault secures $3m to enhance AI-powered digital vault technology
FutureVault, a provider of AI-powered digital vault solutions, has secured $3m in equity financing, bringing its total funding since inception to $31m.
The latest investment round saw participation from founder and executive chairman G. Scott Paterson, CEO Daniel Kenny, and a mix of existing shareholders and select new investors.
FutureVault specialises in digital vault solutions tailored for financial institutions, wealth enterprises, advisors, and their clients. Its platform leverages AI and large language models (LLMs) to automate, aggregate, and centralise documentation and embedded data. This enables seamless bi-directional integrations with WealthTech providers, allowing real-time data extraction and workflow automation.
The new funding will support FutureVault’s continued innovation, including enhancing its AI capabilities, expanding workflow automation, and further strengthening its Client Life Management Vault™ technology.
Scott Paterson, founder and executive chairman, said, “The aggregation of critical documents into a digital vault, when coupled with AI, is changing the face of financial services, advice delivery, and client engagement.”
Paterson added, “Data has been recognized for two decades as the new “gold” while documentation has been overlooked and considered simply as something that you store, redundantly and safely, until purged in due course. And yet, the reality is that data embedded within documentation is considerably more valuable when compared to stand alone data simply due to the context it provides.”
Vital supervisory practices for off-channel and insider communication in finance
In today’s interconnected financial landscape, the oversight of electronic communications between financial advisors and their clients has never been more critical.
According to Saifr, with the emergence of new communication apps and increased regulatory scrutiny, banks and financial institutions must intensify their supervision efforts to safeguard client interests, ensure compliance, and preserve their reputations.
Off-channel communications are one of the most significant challenges for compliance teams. Any business discussions conducted through personal texts, social media chats, or popular messaging platforms that are not approved by the firm.
The importance of controlling these interactions is underscored by recent enforcement actions. Since December 2021, the Securities and Exchange Commission (SEC) has penalized over 100 firms, imposing fines totalling $2bn for off-channel communication breaches. Similarly, the Commodity Futures Trading Commission (CFTC) has levied over $1bn in fines against 18 financial institutions for related violations.
To mitigate these risks, financial firms are advised to establish clear policies prohibiting unauthorised communication channels, regularly train employees on approved communication protocols, adopt technologies to detect off-channel communications, and develop processes for addressing any violations. These steps are crucial in avoiding significant fines and maintaining efficient supervisory practices.
The detection of insider trading is another area where robust electronic communication review mechanisms are vital. Unintentional or deliberate sharing of non-public information can lead to unfair trading advantages, regulatory breaches, and legal issues.
Financial firms should implement advanced monitoring systems capable of identifying suspicious communications, educate reviewers on the subtle signs of insider information sharing, and continually update their monitoring strategies based on new trends and regulatory guidelines. Early detection of such issues can prevent severe legal consequences and protect a firm’s reputation.
In the financial services industry, gifts and entertainment (G&E) policies are crucial for avoiding conflicts of interest and maintaining high ethical standards. These policies typically restrict the value of gifts and require thorough documentation of any such exchanges.
Effective G&E supervision involves monitoring communications for any mention of gifts or hospitality, ensuring alignment with reported expenses, and verifying that all discussions adhere to the firm’s approval processes. Automation tools, including natural language processing (NLP) and sentiment analysis, are instrumental in overseeing compliance with these policies.
Promptly addressing customer complaints is essential for sustaining client relationships and adhering to regulatory standards. By meticulously reviewing electronic communications, firms can often detect issues that may not have been formally reported.
Financial firms should provide comprehensive training for reviewers to recognize signs of dissatisfaction and establish clear procedures for escalating any discovered issues. Automation can aid in identifying common complaint-related phrases, ensuring quick escalation and resolution.
As the volume and complexity of electronic communications continue to grow, adopting advanced technological solutions is crucial for financial firms. AI-powered tools can analyse vast amounts of data to identify potential risks efficiently. Regular training sessions for staff, updating communication monitoring criteria, and maintaining detailed records of supervisory activities are all essential components of a robust compliance program.
By investing in technology and fostering a compliance-focused corporate culture, firms can effectively manage the challenges posed by modern communication methods.
For financial firms, rigorous supervision of electronic communications is integral to compliance. The management of off-channel communications, insider information violations, G&E policy adherence, and customer complaint detection are fundamental areas where technology can play a significant role.
InsurTech platform CoverForce secures $13m Series A to enhance carrier-agency connectivity
CoverForce, an InsurTech platform focused on enhancing infrastructure and connectivity within the commercial insurance sector, has raised $13m in a Series A funding round.
The funding round was led by Insight Partners, a global software investor, with additional participation from Nyca Partners.
Founded by Cyrus Karai, Behram Dinshaw, and Kaivan Wadia, CoverForce operates a marketplace that facilitates seamless digital interactions between insurance carriers, agencies, and wholesalers. The platform serves as a central hub for quote-and-bind API connections, enabling brokers, wholesalers and agencies to access instant quotes and bind policies with a single click.
CoverForce plans to use the new capital to expand its capabilities, accelerate product innovation, and strengthen relationships with key carriers and distributors. The company is also investing in AI-powered tools to further automate and streamline insurance workflows.
Since its inception, CoverForce has established itself as a key player in the commercial insurance ecosystem, partnering with more than 20 of the largest insurance agency wholesalers and networks across the US. Its platform supports over 9,600 insurance producers and integrates with national carriers including AmTrust, Chubb, Liberty Mutual, and Travelers. CoverForce’s technology supports various lines of commercial insurance, such as workers’ compensation, general liability, business owner’s policies and cyber insurance.
CoverForce CTO and co-founder Kaivan Wadia said, “The insurance market is built on a legacy of paper and PDF a huge issue in a market worth more than $960 billion. CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs.”
CoverForce CEO and co-founder Cyrus Karai said, “We are thrilled to have Insight Partners on board with our Series A. This funding will help us expand our engineering capabilities and build deeper relationships in the market. In particular, we’re seeking to partner with carriers who are empowering their agents with cutting-edge, digital tools essentially those who are making an investment in speed as a key element of winning.”
As part of the investment, Insight Partners vice president Sophie Beshar will join CoverForce’s board of directors.
now including TVG, we are poised to push the boundaries of AI by harnessing the power of trusted data, reinforcing our leadership in this rapidly evolving landscape.”
TVG senior managing director and head of EMEA Avid Larizadeh Duggan said, “Businesses today need to build trusted data foundations to enable AI-enhanced decision making, to drive real world impact. Quantexa is revolutionizing how they do this. At TVG, we invest in high-growth, game-changing companies, led by visionary leaders making a global difference.
“Quantexa’s impressive track record, expanding customer base, and bold approach to data and AI innovation make it a natural fit for our portfolio. We’re excited to support Vishal, and his world-class team scale the company internationally as they continue helping industry-leading organizations embrace AI-driven decision-making with confidence.”
Venn bags $21.5m in Series A to transform Canadian business banking
Venn, the newly rebranded Canadian financial platform formerly known as Vault, has successfully secured $21.5m in Series A funding.
The round was led by Left Lane Capital, featuring contributions from XYZ Venture Capital, Intact Ventures, and Gradient, signalling strong investor confidence in Venn’s mission to transform business banking in Canada.
Founded by former Revolut employees Ahmed Shafik and Saud Aziz, Venn offers a comprehensive suite of financial services, including multi-currency accounts, spend management, transfers, FX services, and accounting automation. This holistic approach aims to replace outdated, rigid banking systems that have long burdened Canadian businesses with high fees and inefficient services.
The newly acquired funds are earmarked for expanding Venn’s product capabilities and broadening their financial services stack, as the company aims to solidify its position as the go-to banking platform for Canadian businesses. Since its launch in 2023, Venn has attracted over 4,000 businesses, demonstrating significant market traction and a clear demand for its innovative solutions.
Additional plans include strategic partnerships with companies such as Sherpa, MedEssist, and Alan, to further penetrate the market and enhance service offerings. This move indicates Venn’s commitment to scaling its operations and adapting to the diverse needs of the Canadian business banking sector.
“Venn can help grow Canadian businesses in a way that legacy banks simply can’t because we’ve built our platform for speed and flexibility to serve all types of businesses from the start,” Co-founder Saud Aziz commented. He further emphasized, “Our product strategy is our core differentiator we’re consolidating financial tools so businesses no longer have to piece together fragmented solutions. We aim to become the default platform for all of Canadian businesses’ banking needs.”
Taktile’s innovative AI decision platform garners $54m from top investors
Taktile, a decision automation platform that is redefining risk management strategies in financial services, has secured $54m in a Series B raise.
The funding was spearheaded by Balderton Capital and saw contributions from existing stakeholders including Index Ventures, Tiger Global, Y Combinator, Prosus Ventures, and Visionaries Club, as well as notable investment from Larry Summers, former US Secretary of the Treasury.
The company, known for its pioneering approach to decision automation, assists fintech companies and financial institutions in optimizing risk management throughout the customer lifecycle. With this new injection of capital, Taktile plans to further empower teams to enhance their risk decision-making capabilities with AI-driven tools.
Taktile’s platform is at the forefront of delivering risk decisions, handling hundreds of millions each month. The fresh funds are earmarked to boost these efforts, equipping business teams with the necessary tools to implement transparent AI-powered risk decisioning systems.
Founded by CEO Maik Taro Wehmeyer and CPTO Maximilian Eber, Taktile has made significant strides in the FinTech industry. In 2024, the company saw its customer base quadruple and achieved a 3.5x increase in ARR, now serving major financial institutions and fintech firms across 24 markets, including Allianz and Rakuten Bank. The platform’s efficiency and impact have not gone unnoticed, as evidenced by its recognition at the 2024 Banking Tech Awards USA and its consistent high ratings on G2.
From AI applications in customer support chatbots to real-time marketing personalization, the use of AI in high-stakes financial services like credit underwriting and fraud prevention is becoming increasingly prevalent. Taktile addresses the critical need for expert guidance in these sectors, where errors can have significant financial repercussions.
“From day one of our journey, we believed that millions of lives could be improved by enabling organizations to make optimal decisions for their customers. By keeping experienced risk experts in control, we make it possible for even the most regulated businesses in financial services to fully adopt AI into high-stakes workflows,” Maik Taro Wehmeyer, CEO & Co-founder of Taktile, explained.
Rob Moffat, General Partner at Balderton Capital, commented on the funding, “The best investments for VCs are when your reaction to the company is ‘of course – why doesn’t this happen already?’. It is crazy that businesses use a plethora of separate tools for different decisions across their business when it is the same customer and data.
“Taktile’s integrated decisioning platform allows businesses to take one consistent view of the customer and easily build, iterate and test complex decision logic. This has won them some of the most sophisticated fintechs as happy clients and is now allowing them to expand into banks and insurers.”
Blockchain payments firm SatoshiPay secures €850k to expand Vortex globally
SatoshiPay, a blockchain payments firm, has successfully closed an €850k fundraising round to accelerate the expansion of its payment solution, Vortex.
Built on the Pendulum network, Vortex aims to streamline global transactions by bridging stablecoins with local fiat currencies.
The round saw participation from several notable investors, including CoinShares chairman Danny Masters, SatoshiPay co-founder Meinhard Benn, and the company’s CEO, Alexander Wilke. Blue Star Capital, a publicly listed investment firm on the London Stock Exchange, also reinforced its ongoing support. Additionally, the Web3 Foundation contributed a grant to support the initiative.
Vortex is designed to enhance decentralised foreign exchange (FX) infrastructure by providing a low-cost, efficient payment system that integrates traditional financial networks with blockchain technology. The solution enables seamless currency conversion between USD stablecoins and local currencies.
The newly raised funds will support the rollout of Vortex in key markets, including Europe, Argentina, and Brazil, as well as facilitate further blockchain integrations across networks such as Ethereum, Polygon, Arbitrum, Binance, and Polkadot. The funding will also be used to drive initial market traction ahead of a planned Series A round in late 2025.
SatoshiPay co-founder Meinhard Benn highlighted the company’s long-term vision, stating, “Vortex represents the pinnacle of years of dedication to SatoshiPay’s vision to connect the world through instant payments. I’m proud to support this next chapter as we take on the challenge of revolutionizing payments in both emerging and established markets.”
CoinShares chairman Danny Masters also praised the project, saying, “Vortex addresses one of the most critical needs in the digital economy: seamless, cost-effective cross-border payments. With its strong technical foundation on Pendulum and a clear vision for scaling globally, Vortex is perfectly positioned to reshape the payments industry.”
The company has positioned Vortex as a solution that integrates with various platforms, including wallet providers such as MetaMask and Trust Wallet, as well as payment service providers and ramping platforms.
FinTech firm Kani Payments secures Series A funding to drive global expansion
Kani Payments, a FinTech firm specialising in payment reconciliation and reporting, has secured a multi-million-pound Series A investment to enhance its platform and expand globally.
The funding round was led by Maven Capital Partners, one of the UK’s leading private equity firms. It also included investment from the Maven VCTs and NPIF II – Maven Equity Finance, which is managed as part of the Northern Powerhouse Investment Fund II (NPIF II). FT Partners acted as the exclusive strategic and financial advisor to Kani.
Kani provides an automated reconciliation platform designed to simplify financial reporting for payment companies and financial institutions. With global payment volumes increasing and regulatory demands intensifying, the platform helps firms streamline complex reconciliation processes, reduce costs, and mitigate compliance risks. To date, Kani has reconciled over €24bn in processed payments across five continents.
The fresh investment will accelerate the development of Kani’s technology, expand its team, and facilitate entry into new international markets, particularly in the US.
Kani Payments CEO Aaron Holmes said, “This investment marks a pivotal moment in Kani’s evolution as we expand our automated reconciliation platform to meet surging global demand. Maven’s backing will accelerate our platform development and global expansion, particularly as we see increasing opportunities in markets where regulatory compliance and payment reconciliation complexity continue to grow.”
Maven Capital Partners investment manager Rebecca MacDermid said, “Kani has developed an innovative, award-winning platform that is addressing a critical challenge in the fast-evolving payments industry. The company’s proprietary technology, coupled with the team’s deep sector expertise, has helped the business achieve year-on-year growth, with annual recurring revenues sharply increasing in the last year, driven by a 70% increase in clients. With the increasing complexity of payment reconciliation and regulatory compliance, demand for Kani’s solution is set to grow further.”
Nexi enhances contactless payments with Tap to Pay on iPhone in Switzerland and Finland
Nexi, a leading European PayTech, has expanded its Tap to Pay on iPhone functionality to merchants in Switzerland and Finland.
The company, which specialises in digital payment solutions, previously introduced the service in Italy, Germany, Austria, and Sweden, according to FF News.
The expansion aims to provide merchants with a seamless and secure method to accept in-person contactless payments.
By eliminating the need for additional hardware or payment terminals, Nexi is making digital transactions more accessible to businesses of all sizes, especially small merchants.
Nexi offers a range of digital payment solutions across Europe, providing businesses with secure and efficient transaction methods.
With a focus on innovation, the company continues to enhance payment experiences through its SoftPOS technology and mobile-based solutions.
Tap to Pay on iPhone enables merchants to accept various forms of contactless payments, including credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone. The functionality is integrated into the Nexi SoftPOS feature within the MyPayments app, offering a convenient and cost-effective alternative to traditional payment terminals.
The service is particularly beneficial for small businesses, such as takeaways, taxis, and independent service providers, where mobility and ease of use are essential. With real-time transaction management and digital receipt options, Nexi’s SoftPOS solution provides enhanced flexibility for merchants.
Nexi has confirmed plans to continue expanding the availability of Tap to Pay on iPhone to more customers across Europe. The company is committed to driving digital payment adoption and increasing accessibility for businesses in various markets.
Suvi Ruoppa, country general manager of Nets Finland, part of Nexi Group, said, “The activation of Nexi SoftPOS on iPhone in Finland and Switzerland enables more merchants to offer customers enhanced flexibility and choice at the point of sale. This creates an easier and more convenient shopping experience for consumers, creating additional revenue opportunities for businesses of all sizes.”
David Emmanuel Gebhardt, country general manager of Nexi Switzerland, said, “With Nexi SoftPOS on iPhone, we are providing a simple and cost-effective payment solution for small businesses in Switzerland—especially for those who have not accepted card payments before. This is particularly beneficial for merchants such as take-aways, taxis, and independent service providers, where mobility and ease of use is key. By eliminating the need for additional hardware, we are making it easier than ever for merchants to accept contactless payments.”
EquiLend boosts securities finance technology with BNY investment
EquiLend has secured a minority investment from an affiliate of The Bank of New York Mellon Corporation (BNY).
This investment underscores BNY’s commitment to EquiLend’s mission and its innovative technological solutions.
BNY, along with eight other significant financial institutions, has invested in EquiLend to support the firm’s push for greater innovation and efficiency across the securities finance sector. This group of investors will also advise on the development of EquiLend’s solutions, ensuring that the company continues to meet the evolving needs of the industry.
At the core of what EquiLend does is its development of cutting-edge platforms designed to streamline operations and reduce inefficiencies within the securities finance market. A highlight of this innovation is the 1Source solution, a platform set to revolutionise the industry by providing a single source of truth for securities finance transactions through smart contracts on a distributed ledger (DLT).
The funds from this investment will be used to advance the development of 1Source and other projects aimed at enhancing transparency and setting new operational standards across the global market. By leveraging smart technology and DLT, EquiLend is positioned to lead a transformation in market infrastructure, focusing on efficiency and transparency.
Additional information about this partnership includes BNY’s new role among the initial users of the 1Source platform. This involvement highlights BNY’s active participation and support for EquiLend’s long-term strategic innovations.
“BNY has been a strong partner of EquiLend’s since shortly after the company’s founding over 20 years ago. This investment brings added advisory leaders and underscores the commitment to our products and transformative potential of our long-term strategy,” EquiLend CEO Rich Grossi said.
Head of Securities Finance at BNY, Nehal Udeshi, added, “This investment reflects our confidence in EquiLend’s ability to tackle the industry’s biggest challenges with innovative solutions that drive greater efficiency. We are confident in EquiLend’s central role in the marketplace and plans to further redefine securities finance with innovative market infrastructure.”
Digital wallet firm Curve secures £37m to accelerate growth and launch Curve Pay
Curve, a digital wallet provider known for its innovative approach to payment management, has raised £37m in a funding round led by Hanaco Ventures.
Existing investors, including Fuel Ventures, IDC, Outward VC, and Lord Stanley Fink, also participated in the round.
The fresh capital injection is set to support Curve’s strategic growth, with a strong emphasis on achieving profitability and launching new products in 2025. Among its key developments, the company is preparing to introduce Curve Pay, a digital wallet alternative for both Android and iOS users. The investment will also bolster Curve’s market expansion, infrastructure improvements, and customer experience enhancements.
Curve offers a digital wallet solution that consolidates multiple payment cards into a single platform, allowing users to manage their spending more efficiently. The wallet integrates features such as cashback rewards, real-time spending insights, and fee-free foreign transactions. Additionally, its unique ‘Go Back in Time®’ function enables customers to move past transactions between cards, aiding in cash flow management.
Curve founder and CEO Shachar Bialick said, “This latest investment reflects the confidence in Curve’s vision to redefine the digital wallet space. The Wallet Wars are here, and the only available solutions for customers to date are simple wallets which do nothing more than let you pay with your card.
“Curve is the only wallet that adds superpowers to your money; avoid Fx fees from any linked card, split old purchases into installments, earn cashback on top of any card and more. We see issuers looking to enter the market, and networks introducing innovative products such as Visa Flex and MasterCard One Credentials. This investment would allow us to invest further in our customer experience, bring new partnerships, and accelerate our path to profitability.”
Tomer Jacob of Hanaco Ventures praised Curve’s innovation, stating, “Curve reimagined the digital wallet delivering a one-of-a-kind financial experience that simplifies and supercharges how you pay and manage your money – all without changing your bank. The Curve team has proven to be resilient and innovative, and we are excited to support Curve as it continues to grow, bringing more choice and flexibility to the digital wallet market, and to its millions of users.”
FinScan enhances payment screening for faster, safer transactions
FinScan, an anti-money laundering (AML) compliance solution from Innovative Systems, has enhanced its payment screening solution, FinScan Payments, to accelerate transaction workflows while strengthening financial crime prevention.
According to recent research from Datos Insights, 91% of surveyed financial institutions (FIs) are investing significantly in payment modernisation. Despite this, many firms still operate with legacy AML compliance systems that were not designed for today’s real-time payment rails, making them ill-equipped to handle instant settlement workflows.
With digital payments surging and financial crime risks rising, FinScan Payments enables FIs, FinTech firms, and other organisations to navigate evolving payment infrastructures efficiently. The latest enhancements introduce an improved system architecture capable of high-volume transaction screening, expanded integration support for new payment messages, and a redesigned user interface.
Becki LaPorte, strategic advisor in the fraud and AML practice at Datos Insights, said: “Today’s payment arena requires real-time AML compliance as evolving regulations demand deeper scrutiny of transactions. In a fast-changing geopolitical and tech landscape, compliance teams must screen payments against the latest sanctions, PEP, and dual-use goods lists to stay ahead of illicit activity. FinScan Payments is well equipped to support faster payments while effectively controlling risk across domestic and cross-border ecosystems.”
Deborah Overdeput, chief marketing officer of Innovative Systems, said: “To keep pace with evolving payments, organizations must streamline workflows, update their screening solutions, customize watchlists, and execute compliance checks in milliseconds with accurate results for instant payments.
“FinScan Payments empowers FIs, neobanks, PayFacs, FinTechs, and other organizations to block high-risk transactions in real time, facilitating compliance without delays. With configurable alerts and seamless integration into payment workflows, it keeps transactions secure while meeting time-sensitive review thresholds.”
FinTech startup SparkReceipt secures investment from Trind Ventures for global expansion
SparkReceipt, a pre-accounting software provider based in Finland, has secured investment from Trind Ventures.
The funding round, which remains undisclosed, also received support from the European Union under the InvestEU Fund and Business Finland.
The company provides AI-powered pre-accounting software designed to simplify bookkeeping for micro-businesses, with operations spanning nearly 100 countries. The platform automates receipt and invoice processing, eliminating the need for manual data entry.
The new funding will be used to accelerate SparkReceipt’s international expansion.
Trind Ventures partner Reima Linnanvirta highlighted the significance of the investment, stating, “With my own background in the most boring industries like accounting, legal, and tax, I am always excited to see BoringTech startups transforming these industries. Knowing the team from the past and what they can deliver and seeing the strong early customer traction, I trust SparkReceipt will change the way millions of entrepreneurs handle their accounting, freeing their time for building their businesses.”
SparkReceipt co-founder Joel Ojala said, “It was crazy to see the appetite toward SparkReceipt from VCs. So many reached out, begging to invest. But it makes sense there is momentum in AI accounting for micro-businesses, or maybe it was the rockstar team.”
InsureVision raises $2.7m to transform insurance risk pricing with contextual driving data
InsureVision, an InsurTech company specialising in AI-powered contextual driving risk assessment technology, has successfully raised $2.7m in a seed funding round.
The investment round was led by Rethink Ventures, with participation from Twin Path Ventures and State Farm Ventures, the venture arm of State Farm, the largest vehicle insurer in the world.
InsureVision focuses on enhancing vehicle risk assessment by leveraging its proprietary “enviromatics” technology. This platform uses advanced vision transformer technology to analyse video footage from standard forward-facing vehicle cameras. Unlike conventional telematics systems or basic AI dashcams, which often rely solely on mechanical data or object detection, InsureVision’s solution takes a more holistic approach. It considers the full driving environment, including the behaviour and intent of other road users, to generate more accurate risk assessments.
With the fresh capital, InsureVision plans to accelerate product development and broaden its presence across international markets. The company is already conducting trials with major insurance providers in the US, with further pilots scheduled for Japan. Proof of value data from these trials is expected by mid-2025.
InsureVision was founded by serial entrepreneur Mark Miller, whose previous company, Dictate IT, was the largest supplier of medical speech recognition technology to the NHS before being acquired by Clanwilliam Group in a multi-million-pound deal in 2018.
The platform offers insurance companies a more accurate way to underwrite policies, enabling more precise pricing and fewer claims. Fleet operators benefit from real-time risk monitoring and enhanced driver safety insights, while automotive manufacturers can integrate the technology into software-defined vehicles to comply with upcoming Automatic Emergency Braking regulations.
Rethink Ventures general partner Matthias Schanze said, “We have followed Mark and his team for some time, and they have continuously shown exceptional entrepreneurial vigour and deep tech expertise paired with an unconventional approach. Their vision for transforming road safety through AI-powered contextual understanding sets a new standard for the industry.”
Twin Path Ventures partner Nick Slater added, “InsureTech is an exciting space because the numbers are huge and even a micro improvement can make a macro impact. InsureVision has one of the most unconventional but potentially groundbreaking ways of disrupting the sector for the better of insurance companies, fleet operators and drivers alike”.
UK AI FinTech Quantexa secures $175m Series F, hitting $2.6bn valuation
Quantexa, a global provider of AI-driven decision intelligence solutions, has successfully closed a $175m Series F funding round.
The funding round was led by Teachers’ Venture Growth (TVG), part of the Ontario Teachers’ Pension Plan, with ongoing support from existing investors such as British Patient Capital.
Other backers in Quantexa include Warburg Pincus, Dawn Capital, BNY, Evolution Equity Partners, AlbionVC, and HSBC.
The fresh investment values the London-based company at $2.6bn.
Founded in 2016, Quantexa specialises in decision intelligence technology, which helps both public and private sector organisations make data-driven operational decisions with greater confidence. Its platform applies advanced AI to connect, unify, and analyse vast amounts of siloed data, providing insights into customer intelligence, risk management, financial crime, and fraud detection. The company’s solutions are used across financial services, insurance, telecoms, media, technology, and the public sector.
The newly raised capital will support Quantexa’s platform innovation, accelerating the development of new AI-powered products, expanding strategic partnerships, and boosting its footprint in North America.
The company also plans to pursue selected mergers and acquisitions to strengthen its capabilities.
Following the funding, Ara Yeromian, managing director at TVG, is expected to join Quantexa’s board, subject to regulatory approval.
The Series F funding arrives shortly after Quantexa achieved ‘Centaur’ status, a milestone reserved for SaaS firms surpassing $100m in annual recurring revenue.
The company’s strong performance in 2024 saw nearly 40% growth in licence revenue and the addition of 23 new clients, helping to expand its footprint into new sectors, including insurance and telecoms.
Quantexa founder and CEO Vishal Marria said, “AI is a once-in-a-generation technology transforming industries, redefining operations, and creating entirely new processes. From day one, Quantexa has been at the forefront of this revolution, helping enterprises create trusted, curated data to unlock AI’s full potential.
“This latest investment reflects investors’ embracing our vision and committing to join our journey as we accelerate innovation, platform deployments, and amplify the value we deliver to clients and the broader ecosystem. With the continued support of our investors,
BriteCore unveils new vendor integrations to transform P&C insurance operations
BriteCore, a provider of cloud-native core insurance platforms for property and casualty insurers, has expanded its Solution Partner Marketplace.
This enhancement introduces five new vendor integrations, marking a significant stride in BriteCore’s ongoing effort to equip insurers with cutting-edge technology solutions and increased flexibility in underwriting accuracy, claims processing, and overall operational efficiency.
BriteCore’s core function is to offer property and casualty insurers advanced technology solutions that streamline and enhance their insurance processes. The BriteCore Solution Partner Marketplace is crafted to provide seamless access to innovative tools and services that augment insurers’ core operational capabilities.
The reason behind this new product initiative is to further BriteCore’s mission to deliver a flexible and comprehensive ecosystem that supports insurers in optimizing key business processes such as underwriting, claims handling, and risk assessment.
The newly integrated vendors in the BriteCore Solution Partner Marketplace include Acrisure AcrisureIQ, which provides real-time risk scores and tools for catastrophe risk modeling, and Bees360, which offers drone-enabled claims and underwriting inspection services. Also included are DataCrest AppEase, enhancing submission workflows and commercial insurers’ efficiency; Howden Re TigerCQ, which supplies advanced analytics for risk management; and Verisk XactAnalysis, improving the claims process with precise, professional estimates.
These integrations reflect BriteCore’s commitment to innovation and excellence in the InsurTech sector, offering solutions that enhance insurers’ operational efficiency and elevate policyholder experiences.
BriteCore’s CEO, Ray Villeneuve, emphasized the benefits of the expansion, stating, “These new solution integrations reinforce BriteCore’s mission to deliver a flexible and comprehensive ecosystem that empowers insurers with best-in-class solutions. By teaming with these industry leaders and innovators, we continue to provide our customers with the solutions they need to optimize underwriting, claims handling, and risk assessment.”
Tom Young, CEO of DataCrest, also shared his enthusiasm about the collaboration: “Collaborating with BriteCore allows us to bring AppEase’s efficiency-driven submission management capabilities to more insurers, helping them navigate complex and time-intensive workflows with ease and accuracy. We are excited to join BriteCore’s growing ecosystem of innovative solutions.”