Fintech company League Inc. announced Wednesday that it would soon offer insurance products in the United States, on top of completing its roll-out in Canada.
League CEO and founder Michael Serbinis also told Reuters that the company is considering overseas expansion and broadening its services this year. All this could prompt another round of funding this fall or next spring, Serbinis added.
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“Coming out of the summer/September, if we’re on plan to do this, we’ll probably raise at least $100 million,” explained Serbinis. “Fall would be the first window to consider it.”
League has plans to open business in at least one other country this year, he also detailed.
The company allows businesses to provide their employees with customized healthcare benefits through its proprietary app. There are no forms involved in the process, and employers recoup what is not spent in the arrangement, unlike traditional insurance models.
While small businesses are a key customer base for League, large employers are also using the app. League’s services will expand to hospitals across Ontario, Serbinis revealed.
Serbinis said the company expects total Canadian contract values to top $250 million, reiterating his initial target of $1 billion in 2018.
Although League does not disclose its revenue, Serbinis confirmed that the company’s commission rate was less than 10% of each contract’s value.
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League Inc. expands into insurance