HSCM Ventures leads the funding round for the fintech company – The Royal Gazette
Created: September 26, 2022 7:30 am
Vikas Singhal: will join Inclined’s board
The venture capital arm of a Bermudian-based company has led a $15 million Series A funding round by fintech company Inclined Technologies Inc.
Inclined said it aims to democratize a $150 billion market by helping consumers significantly increase the value of their life insurance policies.
HSCM Ventures is the venture capital arm of Hudson Structured Capital Management Ltd which operates its reinsurance business as HSCM Bermuda, which is a registered investment adviser focusing on alternative investments in the re/insurance and transport sectors.
The financing round included participation from Anthemis Group as well as several new and existing investors.
Inclined said there are roughly $150 billion borrowed against whole life policies today in ways that are inefficient, resulting in suboptimal compounding of the cash value and ultimate death benefit of those policies.
The company said it helps policyholders get more value out of their whole life investment by giving them quick and efficient access to the equity they’ve built in their whole life insurance.
Inclined’s initial focus is partnering with whole life advisors to offer policyholders a secured, revolving line of credit secured against the cash value of their whole life insurance policy, within a fully automated experience.
The sloping line of credit can be withdrawn or repaid iteratively at the convenience of the borrower. The borrower never pays any fees on the Inclined platform, and the process of applying for a loan takes less than 15 minutes.
Through its proprietary technology platform, Inclined said, it manages customer acquisition and enables a network of banks to create the lines as a turnkey line of business.
Inclined handles all policy assignment and security perfection requirements for the bank, while continuing to service the lines.
Inclined said it works with a network of financial institutions that are attracted by the quality of the asset, the demographics of the borrower and the opportunity to be part of the value addition to their policies and the overall financial picture.
Vikas Singhal, partner at HSCM Ventures, will join Inclined’s board.
He said: “We strongly believe in the Inclined mission and are excited to partner with the team.
“Inclined engages carriers, policyholders and lenders in a very cohesive and coordinated manner, and we see policy loan refinancing as just the beginning of what can be unlocked through these integrated relationships.”
