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Even Financial acquires life insurance startup LeapLife - Business Insider

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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom

machine-learning-powered platform that algorithmically targets and matches customersEven, last valued at $180 million, currently matches customers up with financial products including credit cards, personal loans, student loans, and savings accounts.Even has raised $50 million to date from investors including American Express Ventures, Citi Ventures, Goldman Sachs, and MassMutual Ventures.

Even did not disclose the value of the acquisition, but confirmed it was a mix of cash and equity, using a portion of last year's fundraise. "Even's ability to provide the infrastructure to digital distribution is just that much more important in this time," Svirk said.Even had been planning an insurance vertical for some time, Rosen said.

Given life insurance is a new vertical for Even, LeapLife will continue to operate under its own brand as the tech gets integrated into Even's API — shorthand for application programming interface, which is the platform its users plug into on both the bank and distribution sides.

Source: News Formal (newsformal.com)

 

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