(Image source: Matic Insurance homepage.)
Matic Insurance Services (Sherman Oaks, Calif.), a digital insurance agency whose technology is designed to facilitate borrowers’ purchase of homeowners’ insurance during the mortgage transaction, announced that it has raised $7 million in a Series A funding round. Investors participating in the round include Mr. Cooper, a top 20 mortgage originator and the fourth-largest home loan servicer in the country; Nationwide (Columbus, Ohio); National General Insurance (formerly GMAC Insurance Group; Winston-Salem, N.C.; along with Anthemis (London) and ManchesterStory Group (West Des Moines, Iowa), venture capital firms focused on fintech and insurtech, respectively.
“Simplifying homeowners’ insurance and bringing policy selection into the home-buying process is a no-brainer—in fact, people often ask us why it’s never been done before,” comments Matic Co-founder and CEO Aaron Schiff. “Matic brings to the table an outstanding technical team, a deep understanding of the mortgage business and unprecedented partnerships with insurance carriers, mortgage lenders and mortgage servicers, some of whom are also our financial supporters. This new funding will support us as we double our team and scale the business to serve our customers in all verticals.”
“Mr. Cooper is pleased to be working with Matic to give our customers access to its innovative digital home insurance platform,” comments Tony Ebers, executive VP of originations, Mr. Cooper. “Our investment in Matic will help us provide our customers a modern, easy-to-use shopping experience that could save them money on homeowners’ insurance and make their homeownership journey more rewarding.”
A Year of Steady Growth
Matic reports steady grown since 2016, claiming to have become the market leader in lender and servicer distribution of homeowners’ insurance. In the last 12 months, the company reports that lenders such as Freedom Mortgage and Mr. Cooper have begun partnering with it for their homeowners’ insurance needs. Matic says it has also partnered with insurance carriers such as Nationwide, Progressive, National General Insurance and Safeco. The company has also announced integrations with mortgage loan origination (LOS) and point-of-sale (POS) systems including LendingQB, PCLender, BeSmartee, Maxwell and Roostify. Matic was founded in in 2014 by Aaron Schiff and Benjamin Madick. Matic is a licensed insurance agent in all 50 states and has delivered more than 300,000 quotes.
In September 2017, Matic was one of 22 companies selected to compete in TechCrunch’s Startup Battlefield. advancing to the final round of the competition with five other startups.
Largely financed by private funding, Matic previously raised $2.3 million in seed funding led by Anthem Venture Partners, a Santa Monica, Calif.-based VC firm that focuses on early-stage technology companies, and Freedom Mortgage, a national non-bank mortgage lender based in Mount Laurel, N.J.