A London start-up pioneering a digital-first听proposition to the B2B insurance sector has raised 拢1.2 million pre-seed funding.听
BondAval听says it听offers a faster,听more efficient and more flexible option to听the听traditional credit security听through听its听credit risk engine.听
It is now hiring for听operations in UK, US and Spain after securing backing from lead investor听Insurtech Gateway alongside True Sight Partners and prominent angel investors such听as Carlos Gonzalez-Cadenas听–听formerly听COO of GoCardless, now听partner at Index Ventures听–听Yi Luo (Greensill), Chris听Adelsbach, Will Neale and Charlie听Songhurst.听听
BondAval鈥檚听credit risk engine enables the instantaneous issuance of听MicroBonds, which听provide investment-grade certainty to wholesalers when securing their stock and inventory.听听
Founded听early last year by Sam听Damoussi and Tom Powell 鈥� a former England Rugby Sevens captain with 43 caps, including a World Cup runners-up medal, who also represented Harlequins and Northampton Saints 鈥� it has brought in听key executives such as听head of听product Arthur Leung, formerly of 11FS and Curve.听
鈥淭he gulf between corporates and independent retailers trying to secure credit terms is vast and, in our opinion, unfair,鈥� said Powell.听听
鈥�Our vision at听BondAval听is to redress this balance, allowing independent retailers to leverage investment听grade security. Their word 鈥� our bond.听听
鈥�To achieve this vision, we are excited to partner with our new investor shareholders, led by Insurtech听Gateway. They understand the value we can bring by applying digital first propositions to the world of B2B insurance.鈥�听
Damoussi听continued:听鈥淚ndependent retailers are competing on an uneven playing field when it comes to credit terms. We also see a huge delta in the user experience between the B2B and B2C insurance sectors.听听
鈥�By leveraging technology and the听founding principles of insurance we can level that playing field and vastly improve the user experience. We look forward to growing our team and raising the bar across the industry in order to deliver on our plans for the next year.鈥�听
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