(Image source: Unquork homepage.)
Unqork, a New York-based enterprise software company pitching what it characterizes as a no-code platform for insurance and financial services organizations, has announced that it has secured $22 million in a Series A investment round led by Goldman Sachs Principal Strategic Investments (PSI, New York). Other investors included all original seed round investors and Broadridge Financial Solutions (Lake Success, New York), a global fintech investor. The funds from the round will be used to accelerate business growth and invest in capabilities that further solidify Unqork’s position in the no-code space, according to an Unqork statement.
To date 17 global financial institutions, including insurance carriers, banks and asset managers are Unqork’s no-code platform. Unqork says it has hired 50 full-time employees hired since its founding in 2017 and has seen more than 50 percent sequential revenue growth in every quarter of 2018.
“Unqork has experienced rapid growth over the last two years as our no-code platform helps financial institutions and insurers focus on their competitive advantage rather than building hard-coded, legacy systems of the future,” comments Gary Hoberman, CEO, Unqork. “We look forward to using this investment to respond to growing client demand to advance the self-service capability of our platform and enhance our training capacity for clients and partners.”
Fundamental Change to Workflows
“The evolving nature of the financial services and insurance industries requires a fundamental change to how we structure and operate workflows, and Unqork is at the forefront of disrupting exactly that,” comments Rana Yared, Managing Director, Goldman Sachs Principal Strategic Investments. “Unqork’s strong growth reinforces our belief in their mission to digitize the client lifecycle, and we’re excited to see what’s next for the team.”
Founded in April 2017, Unqork describes its mission as facilitating the digital transformation of leading financial services and insurance companies. Unqork reports that it has established a robust partner network with leading cloud providers and consulting firms. The platform’s drag-and-drop interface enables business analysts to develop enterprise applications without writing a line of code, allowing IT professionals to focus on developing the core technology platforms that truly differentiate their business.