Marble Raises Seed Funding as Fintech Startup Builds Insurance Digital Wallet

By Thomas Price Wednesday, February 10, 2021

Innovation in the fintech market has continued to grow exponentially as more companies and startups have begun developing new ways for people to manage their money and records. One of the major innovations in recent years has been the creation of the digital wallet for customers who want to keep better track of their own assets and statements. However, there has never been a digital wallet built specifically for managing insurance policies and payments before. Marble is a fintech startup looking to change that. The startup recently raised seed funding to help the company expand its business and launch this insurance-focused digital wallet to the public later this year.

An insurance agent indicating to a page of an insurance policy.

Marble’s Digital Wallet and Strong Foundation

Marble is a fintech startup based in New York City that has developed a digital wallet built to help users manage insurance details and payments in one centralized location. The startup was founded in 2020 and has been working tirelessly to put its digital wallet in beta in order to test out its many features and ensure seamless use for customers.

One of the major features that sets the business apart from other insurance management systems is the rewards program. The startup allows for users to earn up to 5% back on all of their insurance payments, similar to a credit card, incentivizing them to use the service. Other features that the company offers include a centralized organization of all insurance policies, easy comparisons of rates and policies from different providers, and blocking of unwanted spam and marketing communications.

Despite the business still being in beta, Marble has already partnered with several major insurance companies, including State Farm, Allstate, Liberty Mutual, Farmers, Geico, Progressive, Lemonade, and Nationwide, among several others. The several partnered businesses and strong beta testing has attracted several investors so far. The insurance industry is extremely valuable, with net premiums in the US alone totaling $1.32 trillion in 2019. In fact, 92% of Americans have health insurance at the very least, making fintech startups incredibly important for the industry.

Marble’s Seed Funding Round and Future Plans

In Marble’s seed funding round, the company raised $2.5 million. The funding round had participation from several different investing businesses such as IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments. The business plans to use this funding to continue building out the digital wallet, adding to available features, and support the launch of the public beta in March of this year.

In a statement released alongside the seed funding announcement, CEO of the business, Stuart Winchester, said, “We'll also soon have incredible tools that will allow agents and brokers to engage, retain, and acquire business. This investment sets Marble up to grow our team, commit to new partner integrations, and finally start realizing insurtech's promise as a movement that can actually make people feel good about their insurance.”

About the Author

Headshot of Thomas Price

Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

Related Articles