US-based digital homeowners insurance agency Matic Insurance Services has received $7m in series A funding from investors including insurers Nationwide and National General Insurance, and Mr Cooper, the mortgage lender formerly known as Nationstar.
Venture capital firms Anthemis and ManchesterStory Group also contributed funding. Matic had previously raised $2.3m in seed financing from mortgage lender Freedom Mortgage and VC firm Anthem Venture Partners.
Founded in 2014, Matic has developed an application programming interface (API) that integrates into mortgage lenders’ systems to make it easier for buyers to purchase homeowners insurance during the mortgage transaction.
The company works with insurers including Nationwide, Stillwater Insurance Group and Homeowners of America to provide quotes while lenders such as Mr Cooper and Freedom Mortgage use the technology.
Aaron Schiff, CEO of Matic, said: “This new funding will support us as we double our team and scale the business to serve our customers in all verticals.”