Today BondAval announces it has secured $1.64 million in seed financing led by Insurtech Gateway alongside True Sight Partners and prominent angel investors such as Carlos Gonzalez-Cadenas, Yi Luo, Chris Adelsbach, Will Neale and Charlie Songhurst.
BondAval democratises access to the best credit terms via its unique credit risk engine, which enables the instantaneous issuance of its innovative new product – MicroBonds.
BondAval Co-founder and CEO Tom Powell said, “The gulf between corporates and independent retailers trying to secure credit terms is vast and, in our opinion, unfair. Our vision at BondAval is to redress this balance, allowing independent retailers to leverage investment grade security. Their word – our bond. To achieve this vision, we are excited to partner with our new investor shareholders, led by Insurtech Gateway. They understand the value we can bring by applying digital first propositions to the world of B2B insurance.”
Sam Damoussi Co-founder and COO continued “Independent 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. By leveraging technology and the 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.”
Robert Lumley, co-founder Insurtech Gateway commented, “BondAval’s digitised product will make life so much easier and more efficient for retailers to secure credit from their wholesalers and suppliers. We look forward to working with Tom, Sam and the BondAval team to launch their proposition in Europe and the US.”.