The investment will fuel Matic’s expansion efforts, enabling the company to forge new partnerships and further develop its cutting-edge technology platform.
Matic empowers mortgage servicers, originators, banks, and other financial institutions to seamlessly offer a range of insurance products, including home, auto, and other personal lines coverage, directly to their customers. Since its inception in 2017, Matic has established a strong presence in the market, partnering with over 100 organizations representing a significant portion of the US mortgage market.
Matic’s innovative marketplace connects customers with a diverse network of over 60 insurance carriers, providing access to a wide array of competitive options. This strategic approach simplifies the insurance buying process for consumers while creating new revenue streams for Matic’s partners.
“We’re thrilled to partner with Vistara Growth, whose deep expertise in supporting technology-driven companies makes them the ideal partner for Matic as we continue to scale,” said Stuart Rhodes, CFO at Matic.
He continued: “Their flexible capital will help us expand our reach, enhance our in-house technology, and strengthen our partnerships with financial institutions and insurance carriers. Matic was founded on the belief that buying insurance should be simple, transparent, and elegantly integrated into the customer journey. With Vistara’s support, we’re confident in our ability to lead the transformation of embedded insurance solutions and deliver even greater value to our partners and their customers.”
Neil Kenley, Principal at Vistara Growth, also commented on the raise, saying: “Matic’s technology platform is a natural extension for its distribution partners who are looking to provide customers with a more transparent and streamlined value-oriented experience while creating additional revenue streams.”
Kenley added: “With additional capital, the company is positioned to capture additional share of the personal lines’ insurance market through a combination of its leading technology capabilities and unique embedded distribution model.”
