Fineqia International (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) has increased its equity stake in Black Insurance, an Insurtech that utilizes blockchain tech to tokenize the asset. The exact amount of the investment was undisclosed. This is the second investment from Finequia.
According to a release, Black intends to become a licensed insurer and enable the underwriting of insurance policies via insurance syndicates similar to the Lloyds market. Black wants to open the insurance market to crowdfunding via security tokens via a first-of-a-kind investment opportunity.
Fineqia CEO Bundeep Singh Rangar said he was pleased to have “topped its original investment” in this funding round.
“Black represents everything we want from issuers: innovation, disruption and ambition. And, we believe that insurance is one sector ripe for blockchain disruption and Black Insurance has the right team experience to make this happen.”
Rangar is listed as a co-founder of Black.
Black states that by establishing a marketplace where investors and insurance underwriters can directly trade with one another, the company will minimize transaction costs.
According to their roadmap, a beta platform will launch in late 2019 with the first issuance of a tokenized insurance policy sold in December. An EU-wide insurance license is predicted for 2020.