Percayso Inform, a startup that provides insurers access to data sources, has raised 3.4 million pounds ($4.6 million), the Nottingham, England-based firm announced Wednesday (Feb. 2).
The funding round was led by led by Manchester-based venture capital investment firm Praetura Ventures.
Percayso said the newest infusion of cash will be used to develop products, enabling the company to expand into new sectors of the United Kingdom’s insurance sector.
Launched in 2019, Percayso provides what it calls a data intelligence hub intended to provide the next generation of insurance know-how services to insurers and brokers for personal and commercial lines. The features represent a giant step forward for insurance firms hoping to improve service, retention, reduce claims and increase portfolio size and profitability, the company said.
The company said Percayso’s technology combines data from a variety of sources, allowing intelligence to be easily accessed.
“This investment and our new partnership with Praetura Ventures is a powerful endorsement of our vision, our strategy and the solutions we are delivering to the insurance industry,” Percayso Managing Director Richard Tomlinson said in the announcement.
This week, PYMNTS reported Revolut has entered the InsurTech space with the launch of a pet insurance product, which is “the first of many future standalone Revolut InsurTech products,” the company said Wednesday (Feb. 3).
Read more: Revolut Enters European InsurTech Space With the Launch of Pet Insurance
The launch of its pet insurance was designed to complement the firm’s insurance offering another move by the company to strengthen its financial super app used by close to 4 million customers in the United Kingdom.
Last month, Swiss InsurTech startup Helvengo raised more than 4 million euros ($4.4 million) in seed funding to expand into Germany and other European markets, and to grow with the help of partner platforms.
Learn more: Swiss InsurTech Firm Helvengo Raises $4.4M
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