Canadian insurtech Walnut has secured $4.6 million in its latest funding round to expand its embedded insurance technology platform.
The investment was led by National Bank of Canada’s corporate venture capital arm, NAventures, with participation from TELUS Global Ventures, Portage, Diagram Ventures and Highline Beta.
Through its platform, Walnut enables partners to quote and enrol customers into almost any insurance product in real-time within “co-branded consumer experiences, advisor driven processes or headless via API”.
“The insurance industry has yet to complete its digital transformation, with many insurers and brokers still operating in traditional, non-digital fashions,” said Adrien Niblock, chief product officer and co-founder of Walnut.
“We aim to leapfrog traditional digitization and support a modern API-enabled embedded distribution strategy.”
Niblock added: “Our embedded insurance platform captures distribution, supports insurers and brokers with embedded-first infrastructure, and delivers products to our customers in a compliant manner.”
Walnut will use the injection of funding to expand its technology stack, scale operations, and develop insurance solutions that create new revenue streams for insurers and businesses.
It also intends to expand its engineering team and form new partnerships, while the company has also committed to entering new markets.
“We are proud to support Walnut in their next phase of growth. Our ongoing investment and partnership reflect our confidence in their vision and execution,” said James Povitz, principal at NAventures.
François Lafortune, chief executive officer of Diagram Ventures, added: “Walnut’s unique approach to embedded insurance distribution aligns with our vision of supporting transformative technologies that have the potential to drive significant industry change.”
