SARASOTA, Fla., Feb. 17, 2021 /PRNewswire/ -- InsurePay, a workers' compensation administration and insurance premium billing platform for insurance providers, announced today that it has completed a $5 million Series A round of financing. Nashville-based venture capital firm FINTOP Capital led the round with participation from a number of other strategic industry investors. The funds will help the company aggressively expand its sales and marketing efforts, accelerate product investments, and support the addition of new, veteran personnel to the team.
InsurePay delivers world-class solutions that calculate workers' compensation premiums based on actual payroll data, rather than estimated annual payroll amounts, resulting in more accurate premium payments each pay cycle. It has streamlined the delivery of policyholder, payroll, and premium data, establishing the company as a leading provider of Pay-As-You-Go (PayGo) workers' compensation billing. By utilizing a Software-as-a-Service (SaaS) model and connecting with many of the top insurance carriers in the industry, InsurePay provides a simple, accurate, and flexible approach to delivering this beneficial payment option for carriers, agents, payroll providers, and policyholders.
"FINTOP's investment is well-timed to meet the rapidly increasing demand for our solution," said Adam Beck, president and CEO of InsurePay. "We found a partner in FINTOP that shares our values, our passion for the space, and has a tremendous track record of building exceptional businesses. We are thrilled to have access to their resources and thought partnership as we begin our next chapter of growth."
"We are excited to be partnering with the InsurePay team," said Joe Maxwell, managing partner at FINTOP Capital. "When Adam and Gex Richardson shared their compelling vision for the company, we knew that our domain expertise made FINTOP a perfect fit. Our experience growing sales and marketing teams, driving product innovation, and executing M&A will be exactly what the team needs to accelerate and expand on their vision."
Richardson, formerly chief administrative officer for InsurePay, will remain in an operational role with the company as executive chairman of the board. Maxwell and Rick Holton, general partner at FINTOP Capital, will join the board, bringing their extensive experience in the FinTech and payments processing industries to InsurePay.
Founded by insurance industry experts who set out to build innovative solutions to transform workers' compensation insurance billing, InsurePay® enables insurance providers to seamlessly offer a Pay-As-You-Go (PayGo) billing solution for workers' compensation policyholders. Since 2003, insurance providers can monitor each policyholder's exact premiums for each pay cycle – all through InsurePay's secure, custom branded portal with direct data connections to leading payroll companies. Today, InsurePay processes more online PayGo billings than any other independent services company in the world. To learn more, visit www.insurepay.com or follow InsurePay on LinkedIn.
About FINTOP Capital
FINTOP Capital is a venture capital firm focused on Financial Technology (FinTech) companies with offices in Nashville, Tenn., St. Louis, Mo., and New Jersey. Run by financial leaders and operators who have built successful startups themselves, the firm understands the ups and downs of the startup world. The firm brings strong networks, experience, and capital to entrepreneurs building B2B service-enabled SaaS and software companies in the FinTech space. To learn more, visit www.fintopcapital.com or follow @fintopcap on Instagram and LinkedIn.