American insurance technology platform Trellis, which wants to make switching insurance providers easier, has secured an investment from Amex Ventures.
The fund raise follows Trellis raising $10m in Series A funding in June last year. Led by QED Investors, the round was also joined by existing investors NYCA Partners and General Catalyst.
The investment from Amex Ventures raises the total funds secured by the company since its inception to $17m.
The insurtech offers a suite of technologies packaged as Savvy. The end-to-end API allows users to compare and buy car insurance within a partner’s app or portal.
The startup, which describes itself as the ‘Plaid for insurance’, intends to use the fresh funds to accelerate hiring, expand partnerships and develop new products.
Amex Ventures managing director Margaret Lim said: “We’re excited to back Trellis in their mission to simplify the insurance buying process and help consumers make important financial decisions.
“Trellis’ strong user growth momentum and partnership traction demonstrates that their value proposition is resonating.”
The company claims that it has doubled its partnerships over the past year. Presently, it counts four of the five top digital-only banks and seven of the Top 50 mobile finance apps as its partners.
Trellis founder and CEO Daniel Demetri said: “At Trellis, we’re on a mission to put consumers in the driver’s seat of this important financial decision.
“Simultaneously, we’re helping our partners maximize value for their users by offering a more engaging, holistic experience–and creating a powerful, cost-effective alternative distribution channel for insurance carriers.
“Our significant user growth and successful partnerships with financial institutions, fintechs, and insurers demonstrate the acute need for an end-to-end, fully whitelabel solution. We’re excited to have Amex Ventures onboard supporting our mission.”