Wrisk, one of the UK insurtech leaders, today announced a £4.6M investment led by QBN Capital with participation from investors Guinness Asset Management and Cell Rising Capital. In the midst of an insurtech boom, Wrisk’s Series A will help support the company’s mission to transform how insurance is sold globally and develop a new standard that makes simplicity, transparency and customer ownership the norm.
The business and its founding team have demonstrated true resilience by not only building a strong pipeline of partners thanks to its innovative tech platform, but also by securing its Series A funding during an unprecedented period of market disruption. Wrisk will be using the investment to grow its team and further scale its platform to support client demand.
This development comes at a time where Wrisk’s proposition – to create flexible, frictionless and personalised insurance experiences – is particularly relevant in the automotive world. Just last month, Wrisk launched a first of its kind flexible monthly subscription-based car insurance product allowing people to pay for the miles they drive – in partnership with the RAC, one of the UK’s most progressive motoring organisations. As new mobility trends like electric and autonomous vehicles arise, and different car ownership models and driving patterns gain momentum, Wrisk intends to become an indispensable partner to the automotive industry by solving the ensuing insurance implications of these changes.
Nimeshh Patel, Wrisk CEO, said: “Wrisk has come a long way on our journey from creating a contents insurance app to becoming a strategic partner to large automotive brands by building and operating mobile-first insurance experiences that their customers engage with.
We’re constantly looking ahead to what the future of buying, working and traveling behaviours looks like, to ensure that insurance delivers on the evolving protection needs of customers. We create products that have the customer at the core and are adapting to their lives, and I think investors have clearly recognised that, as well as our ability to quickly adapt to difficult market dynamics. I am extremely proud of the work put in by the team over the past year to get us to this fundraise, which I hope is the start of an exciting scaling path for our product offering. We are restless to scale our vision but with better trust in insurance as our endgame, we are equally determined that none of this comes at the expense of a considered and thoughtful approach. “
“We are excited to invest and work with the Wrisk team supporting them to refine and perfect their offering, always staying ahead of customers’ tastes and the industry’s own evolution”, said Philea Chim, Senior Vice President at QBN Capital. “They have shown an incredible amount of grit during this tough period and have come out the other end, making us all the prouder to lead this round. The insurtech market is a highly competitive one, with headline grabbing fundraises being announced every week – but we believe Wrisk has the right team, values, technology and approach to change the industry from the inside and build one of the most sustainable offers out there.”
“We couldn’t be more pleased to invest in Wrisk” said Malcolm King, Fund Manager at Guinness Asset Management. “We believe Wrisk’s unique approach to deliver personalised insurance at the point of sale will bring huge benefits to the world’s largest brands and their customers. Wrisk already has an amazing track record and a prestigious client list in the automotive sector, and we think there is huge potential for them to develop that offering further. We look forward to working alongside our co-investors and management to help Wrisk realise the next phase of their growth and are very happy to be part of the journey.”
Wrisk partners with leading insurance companies to provide the customers of automotive brands with mobile-first insurance at the point of sale. The partnerships are focused on providing insurance that’s fit for purpose for today’s customer needs and facilitating an all-important ongoing relationship between insurers, automotive companies and customers that extends far beyond their initial purchase. In the process, Wrisk is proving that corporate, incumbent and start-up can create innovative solutions together – redesigning the consumer insurance experience and turning an intimidating and unclear process into a positive life choice.