Buckle Corp., a technology-based financial services company based in Jersey City, New Jersey, has raised $ 60 million in Series B funding.
The round was led by Volery Capital Partners with participation from Eldridge, Assurant Ventures, as well as HSCM Bermuda and other insiders. As part of this transaction, Volery Capital Partners will join Buckle’s Board of Directors. In addition to the $ 60 million in Series B financing, HSCM Bermuda also extended the company’s excess term loan from $ 10 million to $ 20 million to provide additional capital to support Buckle’s premium growth. Gateway Insurance Company. Buckle has closed over $ 100 million in debt and equity financing since its inception.
The capital will allow the company to evolve its insurance platform as a complete service.
Led by Marty Young, co-founder and CEO, Buckle is a digital financial services company serving the middle class and providers of the gig economy. Using a portfolio of technologies and data sources, the company offers insurance and credit products to those who earn less than the average U.S. salary and then are penalized for having poor or no credit. Its basic hybrid auto insurance policy for ride-sharing and delivery drivers uses data from Transportation Network Company (TNC) platforms to underwrite policies.
The company also acquired and recapitalized three admitted insurance companies, Gateway Insurance Company, American Service Insurance Company and American Country Insurance Company. Through its multi-operator insurance platform and strategic partnerships with MGA, Buckle has extended its concert worker insurance products to include traditional taxis, limousines, ride-sharing fleets and non-standard personal cars. In addition to the launch of additional insurance products and partnerships, the company recently launched an auto finance product to its members in Georgia and plans to expand credit to other states in the near future.