Matic Insurance is a technology company.
Matic Insurance has raised $51.0M across 3 funding rounds.
Matic Insurance has raised $51.0M in total across 3 funding rounds.
Matic Insurance is an insurtech company that builds a digital property and casualty (P&C) insurance marketplace specializing in embedded insurance for home and auto policies. It serves mortgage originators, servicers, banks, financial institutions, and homeowners by integrating insurance shopping directly into loan origination systems, matching users with quotes from 60+ A-rated carriers in seconds to save time and over 30% on premiums[1][3][4][8]. The platform solves key pain points like loan closing delays due to insurance procurement, high debt-to-income (DTI) ratios from costly policies, and manual data entry, while helping lenders reduce churn, extension fees, and portfolio runoff[1][2]. Since its 2017 go-to-market launch, Matic has partnered with over 100 organizations covering 20% of the U.S. mortgage market, secured $30M in growth capital in recent years, and expanded to banking and real estate sectors, demonstrating strong growth momentum[3][4].
Matic was co-founded by Ben Madick, who drew from his background in correspondent lending at Bank of America and co-founding a mortgage lender risk management firm[4][5]. In 2014, Madick identified persistent delays in home closings caused by homeowners insurance issues, prompting him to create "Matic" (short for automatic) as a faster, more transparent solution embedded in the mortgage process[1][4][5]. The company officially launched its go-to-market in 2017, quickly gaining traction by pioneering embedded insurance and partnering with mortgage players; pivotal moments include scaling to 60+ carriers, integrating with loan systems, and raising $30M from Vistara Growth to fuel expansion[3][5].
Matic rides the embedded insurtech wave, integrating insurance into homeownership and financial workflows amid rising demand for seamless digital experiences in mortgages and banking[1][3][5]. Timing aligns with market forces like insurance shopping fatigue, climate-driven premium hikes, and regulatory pushes for efficiency, where existing homeowners (Matic's larger focus) periodically re-shop amid changing needs[2]. By capturing 20% of U.S. mortgage market share via 100+ partners, Matic influences the ecosystem by creating revenue streams for lenders, lowering barriers for borrowers, and expanding "insurtech" beyond standalone apps to native embeds, paving the way for broader P&C adoption in fintech[3][8].
Matic is poised to deepen mortgage dominance while expanding into auto and personal lines through tech upgrades and more partnerships, leveraging its $30M capital for platform enhancements and distribution[3]. Trends like AI-driven personalization, omnichannel automation, and rising embedded finance will shape its path, potentially growing carrier network and advisor-led services amid insurtech consolidation[5]. Its influence may evolve from mortgage disruptor to full-spectrum P&C embedder, further simplifying insurance in an ownership economy—reinforcing its founding mission to make protection automatic and accessible[4].
Matic Insurance has raised $51.0M in total across 3 funding rounds.
Matic Insurance's investors include Anthemis Group, IA Capital Group, MTech Capital, 8VC, Decibel Partners, Founders' Co-op, Menlo Ventures, Meritech Capital Partners, Munich Re / HSB Ventures, Oak HC/FT, Sean Park.
Matic Insurance has raised $51.0M across 3 funding rounds. Most recently, it raised $20.0M Series B in October 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2023 | $20.0M Series B | Anthemis Group, IA Capital Group, MTech Capital | |
| Oct 1, 2020 | $24.0M Series B | 8VC, Anthemis Group, Decibel Partners, Founders' Co-op, IA Capital Group, Menlo Ventures, Meritech Capital Partners, MTech Capital | |
| Nov 1, 2017 | $7.0M Series A | Anthemis Group, Munich Re / HSB Ventures, Oak HC/FT, Sean Park |