InsurePay, a U.S.-based workers’ compensation administration and insurance premium billing platform for insurance providers, announced on Wednesday it raised $5 million through its Series A investment round, which was led by FINTOP Capital.
Founded in 2003, InsurePay claims it delivers world-class solutions in the workers’ compensation administration and insurance premium billing space designed to create opportunities and drive efficiencies for our partners and clients.
“We have earned the position as a leading provider of Pay-As-You-Go (PayGo) workers’ compensation billing due to our simple, accurate and flexible approach to delivering this beneficial payment option for carriers, agents, payroll providers and policyholders. InsurePay has streamlined the delivery of policyholder, payroll and premium data by utilizing a Software-as-a-Service (SaaS) model and connecting with many of the top insurance carriers in the industry.”
Speaking about the investment, Adam Beck, President and CEO of InsurePay, stated;
“FINTOP’s investment is well-timed to meet the rapidly increasing demand for our solution. 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.”
Gex Richardson, former 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.