Walnut Insurance, A Canadian and U S based firm serving infrastructure for embedded insurance, grabs a hefty amount of $4m in it’s seed funding round done by ATB Financial and NAventures, National Bank of Canada’s corporate venture capital arm.
Walnut Insurance was founded in 2020 and serves technology infrastructure to power embedded insurance for retailers, financial services, and consumer platform. It has a vision to make insurance easier and convenient, creating greater accessibility for needful things revolving around life, home, renters, auto, and embedded product lines.
The company has “broken down barriers” that historically have prevented businesses from being able to build an insurance offering into their product and currently collaborated with Neo Financial, a Canadian FinTech, with $160mn investment.
Derek Szeto, Co-founder and CEO of Walnut Insurance stated that, “Our seed raise is a testament to the continuing revolution inside the insurance industry. We are empowering partners to be able to offer innovative insurance products to millions of customers without the need for years of heavy investment or diversion of significant resources from other ongoing priorities. Embedded insurance is predicted to be a $3trn dollar market and Walnut is well positioned to be a leader in this industry.”
To this collaboration, head from NAventures also gave statement saying, “The insurance industry is ready for disruption and Walnut has built a powerful platform that will close the coverage gaps and create meaningful value for millions of people. The partnerships and distribution channels Walnut has been able to acquire at this stage of their business is impressive and speaks to the need that Walnut’s fintech infrastructure is solving for partners and clients.”
