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MGA raises £500k in days through crowdfunding

MGA raises £500k in days through crowdfunding | Insurance Business

MGA raises £500k in days through crowdfunding
In less than a week, insurtech start-up Wrisk managed to shoot past its goal to raise £500,000-worth of investment through crowdsourcing.

The firm launched the funding round on October 23 via online platform Seedrs.  Investments have reached nearly £700,000 from over 480 investors since then, according to figures from the website.

Wrisk’s business model revolves around offering insurance through a smartphone app. It claims users are able to buy, update and claim anytime, with “immediate effect.” The app also provides guidance to help lower users’ risks and premiums through a “Wrisk Score.”

The start-up has already raised investment of £3 million from backers including Oxford Capital, QIC, Hiscox and multiple angel investors, according to a report from Business of Apps. Other partners include BMW and Munich Re.

The app is expected to launch during the first quarter of 2018. According to Growth Business, it will start with contents insurance, followed by motor later on in the year.

In a joint statement, Wrisk co-founders Nigel Barton and Darius Kumana said that insurance is suffering from poor execution today.

“We believe that consumers deserve better, so we’re giving insurance a much-needed digital upgrade… Wrisk will truly transform the user’s experience of buying, updating and claiming on their insurance,” they added.

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