Breaking News
Kin Secures $145 Million in Debt Financing to Fuel Continued Growth
Kin, the direct-to-consumer home insurance company built for every new normal, today announced the closing of a $145 million committed credit facility. The new facility, which was led by Runway Growth Capital LLC (“Runway”) and the Avenue Venture Opportunities Fund, L.P. (“Avenue Venture Debt Fund” or “Avenue”), provides Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange.
Runway and Avenue were joined by Aquarian Investments, Group 1001, funds managed by Hudson Structured Capital Management, and Skyline Capital on the facility, of which a total of $100 million was funded at close. The remaining funds will be available to Kin in two tranches as the company reaches certain agreed-upon milestones. Armentum Partners was the financial advisor to Kin for the debt transaction.
“We’re pleased to work with such thoughtful and steady growth partners like Runway and Avenue who understand our needs and want to help strengthen our position,” said Sean Harper, CEO of Kin. “The upsized facility enables Kin to continue innovating and reshaping the $120 billion U.S. home insurance market, while also providing us with an opportunity to grow aggressively with minimal dilution.”
Kin is making home insurance more convenient and affordable by cutting out administrative and agent-related expenses. Customers receive a direct, frictionless experience when using Kin’s technology platform, which draws on thousands of data points to assess home risk profiles and price policies accurately. Kin’s platform also enables quick and efficient outreach to customers and claims processing in the wake of severe weather events like Hurricane Ian in Florida.
“Kin is transforming the critical market of home insurance,” said Brian Sapp, Managing Director at Runway. “We’re excited to provide the capital needed to enhance the company’s growth, to serve more homeowners in need of a new option for coverage.”
“We are pleased to partner with Kin on the new credit facility, which provides the company with additional capital to support the expansion of the Kin Interinsurance Network,” said Dan Holman, Senior Portfolio Manager at Avenue. “We believe their technology platform represents a significant advance in making home insurance more convenient and affordable, and we look forward to the company’s continued execution of its strategy.”
People In This Post
- Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding Read more
- Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform Read more
- Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel Read more
- Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing Read more
- TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management Read more
Stitch Raises $25M Series A Led by Andreessen Horowitz
Stitch announced it has raised $25 million in Series A funding led by Andreessen Horowitz (a16z)
Pembroke Leads Funding Round Into Kaizan of up to £2.5m to Help Services Firms Grow Every Client with AI
Pembroke VCT has led a funding round of up to £2.5 million in Kaizan, investing £1.5 million alongside Velocity Capital and leading industry angels.
Elliptic Secures $120 Million Investment From Nasdaq Ventures, Deutsche Bank, One Peak and the British Business Bank
Elliptic announced the closing of a $120 million Series D fundraise led by One Peak, with participation from Nasdaq Ventures, Deutsche Bank and the British Business Bank
Adfin Raises $18M Series A from Index Ventures for Automated Business Finance
Adfin, the London-based fintech, has raised $18 million in Series A funding to build the agentic money movement platform: starting by helping businesses getting paid on time, and ending with money that moves itself.
Cedar Health Accelerates Growth With Further ThinCats Funding
ThinCats, the leading alternative finance provider to UK mid-sized SMEs, has provided a significant growth funding package to specialist autism and learning disability care provider, Cedar Health and Wellbeing.
Embat Accelerates International Expansion with EUR30 Million Series B to Expand Its AI-powered Treasury Management System
Embat, the AI-powered fintech specialising in treasury management, has successfully completed a €30 million financing round. The Series B was led by Cathay Innovation, a global venture capital firm based in Paris with over €2.5 billion under management. Existing investors such as Creandum, Samaipata, 4Founders, and Venture Friends also participated prominently in the funding round.
Paymentology Raises $175 Million Co-Led by Apis Partners and Aspirity Partners to Support Next Phase of Growth
Paymentology today announced a $175 million investment co-led by Apis Partners and Aspirity to support Paymentology’s continued global expansion
Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
Nuvo Technologies, the AI-native customer-to-cash platform, today announced an integration with Avalara, the agentic AI leader in global tax and compliance. The integration connects Nuvo’s AI-powered onboarding with Avalara’s exemption certificate management and real-time tax calculation capabilities—enabling B2B suppliers to handle credit applications and tax compliance in a single, unified experience. The result is a single workflow where suppliers can approve customers and ensure tax compliance at the same time.
Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
Lumin Digital, the Compounding Growth Platform for banks and credit unions, today unveiled Lumin Solaire, an AI-native intelligence layer embedded across its platform. The announcement was made at Lumination, the company’s annual client conference, where Lumin is showcasing its platform strategy and product roadmap.
Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced a new partnership between MANTL, an Alkami solution team and leading provider of loan and deposit account opening technology, and Sturgis Bank, a community bank serving Michigan through 16 branches, to transform its account opening experience for business and retail customers. Through this partnership, Sturgis Bank will modernize onboarding across all physical and digital banking channels, reinforcing its commitment to delivering a seamless, efficient, and customer-centric experience while expanding accessibility and accelerating digital growth.
Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Reap and TerraPay Partner to Expand Local Payout Corridors Globally
Reap, the stablecoin-native global payments and financial platform infrastructure for businesses, today announced a strategic partnership with TerraPay, a global money movement company, to expand local cross-border payouts through direct access to domestic clearing systems worldwide.
Digital Assets Clearing Center Secures US$10 Million Funding for International Market Infrastructure
Digital Asset Clearing Center (DACC.HK), a next-generation financial market infrastructure for the tokenized economy, today announced US$10 million in funding from strategic partners including Conflux, Transaction Technologies Limited (“TTL”) and Global InfoTech. Traditional bank transfers continue to dominate the US$214 trillion cross-border payments market, but tokenized finance offers an alternative to slow settlement cycles, high transaction costs, fragmented data systems and regulatory barriers. Digital Asset Clearing Service offers seamless connections to the world's leading payment systems including Cross-Border Interbank Payment System (CIPS), blockchain networks and compliance infrastructure delivering end-to-end Clearing-as-a-Service (CaaS) for financial institutions.