Guros, an InsurTech helping transform buying insurance in Latin America, has netted $5.8m in funding, which puts its valuation at $30m.
F-Prime Capital and Cometa served as the lead investors, with contributions also coming from Clocktower and Insurify. Previous Guros backers Leap and Magma Partners also committed capital to the round.
The capital will be used to enhance its platform’s capabilities, customise APIs for commercial partners, expand into health insurance and grow internally across technology, product and operations.
Customers in Mexico can use Guros to quote, compare and purchase auto insurance policies online.
Guros also offers a digital wallet which enables policies to improve the control on their policies and save all the details in one location. Users can also track taxes, speeding tickets and driving restrictions.
Its APIs aggregate information from insurers to help commercial partners embed auto insurance purchasing capabilities.
The InsurTech company claims it has grown by more than 580% in the past 12 months.
Guros CEO and co-founder Juan Manuel Gironella said, “As the only API enabled insurance technology platform in Mexico, our solution allows individual customers and our partners to truly experience insurance the way we all would like it to work: compare different offers on the same terms, activate or deactivate policies in one click, and change or cancel without complications.”
The company is well positioned to meet rising market demand. In Mexico, auto insurance premiums totalled around $5.8bn in 2018, according to data from Statista.
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