Mason Finance, a San Francisco-based fintech firm, has secured new licenses to provide life insurance settlement services in California, Arizona, North Carolina, Tennessee and Pennsylvania.
Following the receipt of new approvals, the company now has presence in Washington DC and 12 US states such as Alabama, Michigan, Missouri, New Mexico, South Carolina, South Dakota, and Wyoming.
With the new licenses, Mason joins the league of few other companies who have been granted permit to buy life insurance policies from consumers, if they want to sell their policy.
California insurance commissioner Dave Jones said: “I commend Mason Finance for its innovative and new approach to making life settlements available to seniors whose life insurance policies are at risk of lapsing or who need to access the value of their life insurance policy immediately.
“As Insurance Commissioner, my first priority is protecting consumers while ensuring a vibrant and healthy insurance marketplace. It’s encouraging to see companies, like Mason Finance, developing innovative products and business models designed to better serve the needs of Californians.”
Separately, Mason Finance has raised new capital in a seed round led by DCM. Kleiner Perkins and CFSI Financial Solutions Lab also joined the funding round along with founding partner JPMorgan Chase, Village Global, Core Innovation Capital, Abstract, among others.
Set up in 2017, Mason Finance helps senior US citizens to sell their life insurance policies.