Israeli fintech company Earnix has announced the completion of a $75 million financing round led by Insight Partners, with the participation of previous investors JVP, Vintage Partners and Israel Growth Partners. The round was closed at a pre-money company valuation of $1 billion. Jonathan Rosenbaum, principal at Insight Partners, will be joining Earnix's board.
Headquartered in Givatayim near Tel Aviv, Earnix provides advanced AI-driven rating, pricing, and product personalization solutions for insurance and banking,
The new funding will facilitate Earnix's worldwide market expansion, increase investment in product innovation, accelerate hiring, and support M&A activities to further anticipate the needs of a rapidly changing market. With this investment, Earnix will continue to bring added value to insurance and banking by bridging the gap between financial institutions and customer needs.
Earnix says that its innovative AI combined with advanced analytics, allows its clients to present highly personalized offers. In 2020, Earnix was recognized by CB Insights as the "Market Leader for Predictive Analytics for P&C Insurers" and has been named one of "11 Insurtechs to Watch in 2021" by P&C 360. Hosted in the cloud, Earnix’s offerings enable agile processes, robust automation, and strong governance in alignment with business objectives.
Earnix CEO Udi Ziv said, "This is just another testament to both the power and differentiation of our existing product offering, with its unique and innovative capabilities, and the untapped potential in further driving the success of our clients globally. This investment will accelerate the reach and impact of our world-class smarter business velocity solutions, coupled with the breadth, size and reach of our customers, assuring our ability to meet a broad range of industry needs, and to deliver the best personalized rates and products to every customer, every time."
Earnix chairman and JVP founder & executive chairman Erel Margalit said, "I’m delighted to welcome my friends from Insight, Jeff Horing and Jon Rosenbaum, as we continue building a world class category leader, providing the muscles and the brains for Insurance and Banking, as they move to real-time quotes and personalized products. We look forward to continuing to work with Udi Ziv and the amazing team of Earnix as the company strives to transform the Insurance and Banking industries. With a growing presence in North America, Europe, Asia Pacific and Israel, Earnix brings its technology excellence as a true international leader."
Published by Globes, Israel business news - en.globes.co.il - on February 21, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021