NEW HAVEN, Conn.--(BUSINESS WIRE)--Suretys, a digital insurance provider that replaces the need for a cosigner for auto sales and leases, is utilizing its $2 million in seed funding from Victorum Capital and other investors for market expansion, new product development, and team strengthening. The seed round was completed in January 2021 and has resulted in Suretys expanding operations as part of its national rollout plan.
Suretys is collaborating with Markel Insurtech Underwriters, a division of Markel, to underwrite the SuretysTM PlusOne insurance product in the state of Texas.
“Suretys identified a problem in the auto loan and leasing process that they believed could be solved with an insurance product. They came to us with a sophisticated, yet practical, technology solution that is quite scalable,” said Scott Whitehead, managing director, Markel Insurtech Underwriters. “We’re excited to work with the company’s very capable team.”
Suretys was founded in 2018 with the mission to help first-time auto buyers purchase or lease a car without the need of a cosigner.
“Suretys is a real advantage for lending institutions seeking to attract new and younger members,” said Josh Minsky, founder and CEO of Suretys. “In addition to better serving a younger demographic, Suretys positions lending institutions to gain additional non-interest income through sales of other products with auto purchase transactions.”
“Suretys is changing the car buying experience,” said James Roller, managing partner of Victorum Capital. “We are excited for our partnership with Suretys as they scale their platform and expand their team to help first-time car buyers.”
For more information about Suretys, please visit https://lenders.suretys.com.
Suretys PlusOne is an innovative insurance product that replaces the need for cosigners for car buyers with limited or no credit history. Suretys developed a proprietary credit risk assessment model that leverages bank data, artificial intelligence, and machine learning to qualify borrowers. PlusOne policies eliminate auto loan risk for lenders much as private mortgage insurance (PMI) eliminates home loan risk. PlusOne is a trademark of Suretys Inc.
ABOUT VICTORUM CAPITAL
Located in Oklahoma City, Victorum Capital is a national investor network focused on discovering, funding, and supporting the most exciting technology opportunities in the country. For more information, please visit www.victorumcapital.com.
ABOUT MARKEL CORPORATION
Markel is a diverse financial holding company serving a variety of niche markets. The Markel Insurtech Underwriters (MIU) team focuses on providing risk capacity and underwriting expertise to start-ups and digital distribution partners passionately building innovative insurance solutions. MIU seeks ideas that leverage emerging technologies and modern customer acquisition strategies to create the service and experience that meets consumer expectations.
Coverage is provided by one or more of the insurance companies within Markel.
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