ePayPolicy, a leading provider of payment processing solutions for the insurance industry, has received a new strategic investment, signalling confidence in its technology and growth prospects.
The investment was led by private equity firm LLR Partners, with existing investor Serent Capital also participating in the round. However, the financial terms of the deal were not disclosed, according to InsurTech Insights.
ePayPolicy specialises in automating accounts receivable and accounts payable (AR/AP) processes for insurance companies, enabling faster, more secure, and more efficient payment workflows.
Its platform serves a network of over 10,000 insurance customers, helping insurers streamline their billing and payment operations.
The company intends to use the new funding to advance product innovation, expand sales and customer support capabilities, and further scale operations to meet growing demand. The investment will support ePayPolicy’s mission to make insurance payments faster and more efficient across the sector.
LLR Partners brings 26 years of experience in investing in vertically focused software and payments businesses and sees significant potential in the ongoing digital transformation of the insurance sector. ePayPolicy’s AR/AP solutions are designed specifically to address the complexity and scale of insurance payments, positioning it as a market leader.
“Our mission is to increase the speed and efficiency of our customers’ AR/AP processes and make insurance payments fast, easy and secure,” said Mark Engels, CEO of ePayPolicy. “With this investment, we will continue to build the products our customers need to automate all of their payment-related workflows.”
“Insurance is a large ($2T+) and complex ecosystem undergoing rapid change,” said Connor Crump, Vice President at LLR Partners. “ePayPolicy has established itself as a leading AR/AP solution purpose-built for the industry.”
Ryan Goldenberg, Partner at LLR, added, “We’re thrilled to partner with Serent Capital, Mark, and the entire ePayPolicy team to invest in technology automation and product growth, cementing the company’s position as the leading AR/AP provider in the insurance ecosystem.”
Serent Capital, which first invested in ePayPolicy in 2019, will continue as a key partner. “It has been a privilege to support Mark and his team over the last six years,” said Kevin Frick, Partner at Serent Capital. “We are excited to continue alongside LLR in this next chapter of growth.”
Financial terms of the transaction were not disclosed. ePayPolicy was advised by Raymond James and Choate, Hall & Stewart LLP, while LLR Partners was advised by William Blair & Company and Goodwin Procter LLP.
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