The funding will be used to advance product innovation, expand sales and customer support capabilities, and further scale operations to meet the needs of its growing network of over 10,000 insurance customers.
“Our mission is to increase the speed and efficiency of our customers’ AR/AP processes and make insurance payments fast, easy and secure,” said Mark Engels, CEO of ePayPolicy. “With this investment, we will continue to build the products our customers need to automate all of their payment-related workflows.”
LLR Partners, which has a 26-year track record of investing in vertically focused software and payments businesses, sees significant potential in the insurance sector’s ongoing digital transformation. “Insurance is a large ($2T+) and complex ecosystem undergoing rapid change,” said Connor Crump, Vice President at LLR Partners. “ePayPolicy has established itself as a leading AR/AP solution purpose-built for the industry.”
Ryan Goldenberg, Partner at LLR, added, “We’re thrilled to partner with Serent Capital, Mark, and the entire ePayPolicy team to invest in technology automation and product growth, cementing the company’s position as the leading AR/AP provider in the insurance ecosystem.”
Serent Capital, which first invested in ePayPolicy in 2019, will remain a key partner. “It has been a privilege to support Mark and his team over the last six years,” said Kevin Frick, Partner at Serent Capital. “We are excited to continue alongside LLR in this next chapter of growth.”
Financial terms of the transaction were not disclosed. ePayPolicy was advised by Raymond James and Choate, Hall & Stewart LLP, while LLR Partners was advised by William Blair & Company and Goodwin Procter LLP.
