Fineqia International has acquired more than 20% stake in blockchain insurtech start-up Black Insurance for an undisclosed sum.
The latest stake acquisition was carried out by Fineqia Investments, a subsidiary of Fineqia International, during the Black’s second financing round.
Earlier in the first funding round in July last year, Fineqia also acquired certain stake of Black Insurance; however, none of the partners disclosed either invested fund or acquired stake.
Fineqia CEO Bundeep Singh Rangar said: “Fineqia is pleased to have topped its original investment in Black in this most recent investment round.
“Black represents everything we want from issuers: innovation, disruption and ambition. And, we believe that insurance is one sector ripe for blockchain disruption and Black Insurance has the right team experience to make this happen.”
Black Insurance was established in 2018 by Risto Rossar. After becoming a licensed insurer, the company aims to facilitate the underwriting of new insurance plans through insurance syndicates similar to the Lloyd’s market.
Insurance brokers and agents will be allowed to create customised insurance schemes quickly and cheaply using the Black platform.
Black’s uses blockchain technology to slash operational costs, increased security and transparency, and offer mitigation against any single point of failure.