Brooklyn-based life insurance provider Fabric Technologies announced it has raised $18 million in Series B funding, led by CNO Financial Group.
The funding round was also with participation from Guardian Life, Nippon Life, Samsung Ventures, Securian Ventures, and existing investors, including Bessemer Venture Partners. The funding will enable Fabric to further accelerate its growth and expand its suite of products to help more families achieve long-term financial security.
Since its inception, the company has raised more than $30 million and is on track to grow accelerated term life insurance premiums by 5x in 2020. Since its Series A, Fabric has expanded to serve tens of thousands of families.
Fabric helps parents protect their family’s future, offering modern, affordable term life insurance, a free last will and testament, and tools to organize family finances. Fabric’s life insurance application takes 10 minutes to complete, with immediate approval for qualified applicants. The company’s free online tools also help spouses and partners organize their important financial accounts, will, and life insurance policy information so that it’s all in one place. Parents can then securely share that information with anyone who needs to know – the guardian of their children, the executor of their estate, beneficiaries, or any key friends or family members. Fabric, available on Android and iOS, ensures critical information is always at your fingertips, and the fingertips of those who need to know.
In addition to the funding, Fabric has launched two new product offerings, including 529 college savings and rainy-day savings funds. Fabric now offers parents a one-stop-shop specifically tailored to improve the financial security of growing families.
Rainy-Day Savings
Setting up a rainy-day fund can be an important tool to help smooth out the unexpected bumps that life can bring – things like a surprise car repair, an unexpected medical expense, or an emergency home repair. A Federal Reserve report found that in 2019 – even before the COVID-19 pandemic – almost 40% of US adults would not be able to cover an unexpected expense of $400 without taking on debt. To help parents prioritize saving whenever possible, the Fabric app presents easy-to-compare savings accounts along with their respective interest rates. You can select a savings account right in the app, and complete your application on your phone. Placing your rainy-day savings in a completely different bank account that is separate from your everyday spending accounts can help minimize the temptation to drain your rainy-day savings for non-emergency items.
College Savings
Fabric also helps families find the right 529 college savings plan – right from the Fabric mobile app. Fabric’s new 50-state offering helps parents take advantage of state-specific tax benefits and is made possible through Fabric’s partnership with Savingforcollege.com, the leading source of unbiased information on saving and paying for college. Parents can easily compare different plans in one place, estimate their state tax benefits for college savings, if any, and find the best 529 plan to fit their needs. With the average annual cost of in-state public tuition at $20,770 ($46,950 for private), it’s important to start saving early. In some cases, you can get started with as little as $15.
“Fabric’s strong dedication to helping families build financial resiliency aligns with CNO’s commitment to consumers. The pandemic has shown the need for an engaging digital customer experience. With Fabric’s digital life insurance and estate planning platform, they are well-positioned for sustained growth. We look forward to partnering with Fabric to accelerate their vision.” – Chief Investment Officer of CNO Financial Group, Eric Johnson.
“Fabric’s approach to solving the financial protection needs of families is resonating with consumers. Having invested in Fabric since its Seed and Series A, we look forward to continuing working with the team to capitalize on the massive opportunities in this market.” Partner at Bessemer Venture Partners, Charles Birnbaum.
“Now more than ever, it’s critical that parents have the online tools they need to protect their family’s future, without leaving their house, or their couch. This new funding will help us continue improving our offering to empower parents to build financial strength for their families. The addition of college savings and rainy-day savings plans empowers parents to tackle their financial to-do list, in one easy-to-use app.” – Co-founder and CEO of Fabric, Adam Erlebacher.
Source: Reinsurance News
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