B2B fintech company Even Financial has been working to expand its reach across the financial services sector.
Founded in 2015, Even is the leading API for financial services search, acquisition, and monetization. It currently has a network that connects about 40 financial services firms, including Marcus by Goldman Sachs, American Express, nbkc bank, Social Finance, LendingClub, Prosper, Upgrade and Avant, with consumer sites like the Penny Hoarder, the SmartWallet and ClarityMoney, through APIs. Consumers can search for a product and receive a suitable offer, as well as apply for the product immediately.
Last year, Even raised a $25 million strategic round of investment led by Citi Ventures, bringing its total amount raised to date to $50 million. The company said at the time that it would use the funding to expand into additional financial services verticals, as well as add solutions for mortgage, insurance, and student loan marketplaces to its platform.
Even had already acquired personal finance app Birch Finance, which enabled the company to further expand into the credit card market. And now the company announced that it is buying LeapLife, an insurtech platform and digital life insurance agency. The deal will allow Even to immediately launch its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies.
Over the coming weeks, Even will further integrate LeapLife's technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners, as well as expand to other insurance sectors, including homeowners, renters and auto insurance.
"Even's goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance," said Phill Rosen, Even Founder and CEO. "Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike."
The acquisition is a logical move for Even, with the insurtech industry expected to reach $10.14 billion by 2025, growing at a CAGR of 10.8 percent.