PremFina is a UK-based FinTech company founded in 2015 that provides a digital platform for premium finance, enabling brokers, MGAs, and insurers to offer flexible installment payments for insurance premiums, making coverage more affordable and accessible.[1][3][4][5] Its white-label SaaS solution integrates via 300+ APIs, allowing partners to brand payment solutions, automate processes, and access real-time data for better decision-making, serving over 150 broker partners like iGO4 and Compass Network.[1][2][3][4] With $18.3 million in revenue, 123 employees, and recent milestones like a £350 million facility and recognition on the 2024 InsurTech 50, PremFina demonstrates strong growth as the UK's fastest-growing premium finance provider.[1][3]
PremFina was founded in 2015 in London by a team including the President & Founder, with FCA approval as a regulated lender secured in 2016.[3][4] The idea emerged from a need to disrupt traditional premium finance, backed by investors who supported companies like Skype, Tesla, and SpaceX, including VC from Molten and Rakuten, plus private equity in 2019 and top-tier institutional funding in 2021-2022.[3][4] Early traction built through self-financing options and a modular SaaS platform, evolving with a new leadership team boasting over 80 years of industry experience by 2023, expanding partnerships and AI-enabled features.[1][4]
PremFina rides the InsurTech wave, leveraging digital transformation to address financial inclusion in insurance by fractionalizing premiums amid rising costs and demand for flexible payments.[1][2][5] Timing aligns with post-pandemic shifts toward modular fintech (e.g., embedded finance), where market forces like regulatory pushes for affordability (FCA oversight) and broker digitization favor scalable SaaS over rigid incumbents.[3][4] It influences the ecosystem by empowering brokers to retain branding and data sovereignty, fostering growth in sharing economy insurance (e.g., partnerships with Pikl) and challenging competitors like Lemonade through UK-centric expertise.[1][3]
PremFina is poised for accelerated expansion with its recent funding and tech upgrades, likely deepening API ecosystems and AI for predictive underwriting to capture more market share in Europe's premium finance sector.[1][3][4] Trends like open banking and personalized insurance will amplify its model, potentially evolving influence through international scaling (e.g., Ireland leadership) and bulge-bracket partnerships, solidifying its role as a disruptor making insurance truly accessible.[1][4] This positions PremFina to transform lump-sum barriers into growth engines, echoing its founding mission of smarter, inclusive finance.
PremFina has raised $36.0M in total across 1 funding round.
PremFina's investors include 7BC Venture Capital, BITKRAFT Ventures, Dreamcraft, Kohala Ventures, Lakestar, Long Journey Ventures, Rubicon VC, Sands Capital, Science, The Hit Forge, Winklevoss Capital, Janis Krums.
PremFina has raised $36.0M across 1 funding round. Most recently, it raised $36.0M Venture Round in October 2017.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2017 | $36.0M Venture Round | 7BC Venture Capital, BITKRAFT Ventures, Dreamcraft, Kohala Ventures, Lakestar, Long Journey Ventures, Rubicon VC, Sands Capital, Science, The Hit Forge, Winklevoss Capital, Janis Krums, Jared Kopf, Larry Braitman, Lawrence Braitman, Mark Pincus, Patti Hart, Richard Jacklin, Scott Banister, Trevor Wright |
