Buckle Closes $60M in Funding to Expand Full-Stack Insurance Platform across US
Funds increase scale of the financial services innovator offering financial security for the rising middle class and gig economy.
- (1888PressRelease) September 30, 2021 - JERSEY CITY, N.J. - Buckle Corp (the “Company”), an inclusive tech-enabled financial services company, has filed its Regulation D and disclosed it raised $60 million through a Series B funding round led by Volery Capital Partners with participation from Eldridge, Assurant Ventures, as well as HSCM Bermuda and other insiders. As part of this transaction, Volery Capital Partners will join Buckle’s Board of Directors. In addition to the $60 million in Series B financing, HSCM Bermuda also expanded the Company’s surplus term loan from $10 million to $20 million to provide additional capital to support the premium growth of Buckle’s Gateway Insurance Company. Buckle has closed over $100 million in debt and equity funding since inception.
The successful raise underscores Buckle’s stated goal to reimagine financial services for the gig economy. The capital will help the Company scale its pioneering, full-stack insurance-as-a-service platform as Buckle continues to spearhead innovative financial products for the rising middle class across the U.S.
The Company’s core hybrid auto insurance policy for rideshare and delivery drivers uses data from Transportation Network Company (TNC) platforms to underwrite policies. By using rideshare and delivery data instead of credit scores, Buckle’s core, hybrid auto insurance policy helps close the gap created by conventional insurance policies that leave gig workers underinsured or with higher premiums.
“This new raise helps validate Buckle’s positive momentum across its insurance programs and reinforces our belief in the opportunity for growth the Company faces today,” said Marty Young, co-founder and CEO of Buckle. “Through our capital efficient, multi-carrier strategy, we’re expanding our digital insurance platform nationwide so that we can offer a range of attractive insurance options to U.S. gig economy workers, many of whom have been considered essential workers throughout the pandemic.”
Buckle also acquired and recapitalized three admitted insurance carriers, Gateway Insurance Company, American Service Insurance Company, and American Country Insurance Company. Through its multi-carrier insurance platform and strategic MGA partnerships, Buckle expanded insurance products for gig workers to include traditional taxi, limousine, rideshare fleets, and non-standard personal auto.
“The pandemic has shown the essential value that gig workers contribute to the broader economy,” said Manny Citron, managing partner at Volery. “The gig ecosystem is growing rapidly but requires innovative and inclusive financial services to address the needs of this dynamic workforce. We support Buckle’s efforts to reimagine insurance, credit and other financial products for this growing, yet underserved market. We are excited to be part of the journey.”
In addition to launching additional insurance products and partnerships, Buckle has recently introduced an auto financing product to its Members in Georgia with plans to expand credit to other states soon.
About Volery Capital Partners
Volery Capital is a private equity firm that invests in financial services companies addressing climate change or economic inclusion. Volery makes growth equity investments in sub-sectors including asset management, specialty and consumer finance, insurance and benefits, and related business services and technologies. Volery’s investments will be thematically focused within energy transition, resource efficiency, education and workforce development, and financial inclusion and well-being. For more information, visit www.volerycapital.com.
About Buckle
Buckle is the inclusive digital financial services company serving the rising middle class and providers to the gig economy. Using a portfolio of technologies and data sources, Buckle provides insurance and credit products to those who earn less than the average American wage and are subsequently penalized for having poor or no credit. Connect with Buckle on Facebook, Twitter and LinkedIn. Visit www.buckleup.com.
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