Insurance payment platform Ascend, has taken the lead after a Series A funding round netted the company $39 million dollars. The round, which was initially funded by Index Ventures, also included lesser known investors NFP, XYZ Ventures, as well as firms from behind the scenes. According to Cofounder Praveen Chekuri, there has been an unprecedented uptick in interest during the past two business quarters, which may have prompted the latest surge in funding. Ascend, which is based in New York, currently functions in the insurance payment risk services arena and counts industry veterans Lucky Truck and Portal Insurance among their clientele.
The firm has also kicked up interest as they gear up to become one of the first insurance platforms that specializes in the Buy Now Pay Later space, while providing streamlined financing in the form of commissions to various companies. As a result they have received $250 million additional dollars in a line of credit, to facilitate their loans platform. The equity infusion of capital was hosted by venture capitalist Hudson Structured Capital Management, known as a premier asset management company for businesses in the insurance and transportation space. The company states that they will use the funds to broaden employee operations while providing inclusivity in the tech space. With operations around the country, the financial disruptor may very well be on their path to join the ranks of Fintech unicorn status over the coming years.
