Canopy Connect, a platform for collecting, verifying, and monitoring insurance information, announced it closed a $6.5M series A funding round to accelerate growth and increase product velocity. NevCaut Ventures led the round, with participation from Elefund, Nimble Partners, LocalGlobe, 9Yards Capital, Global FinTech Venture Partners, and more.

Founded in 2020, Canopy Connect set out to remove the friction from the insurance quoting process by making it easier for consumers to share insurance information with their insurance agent.

“There are so many use cases that can leverage our core insurance verification capabilities in lending, finance, InsurTech, driver management, B2B verification, and more,” said Tolga Tezel, founder and CEO at Canopy Connect, in a company press release. “This infusion of cash enables us to accelerate our roadmap to meet the needs of these markets.”

During the last 18 months, Canopy Connect has worked with agencies, carriers, embedded insurance providers, digital wallet apps, and other InsurTech companies to remove friction from acquiring insurance information via API. The company said it has also also found success with banking and lending clients that use Canopy Connect for verifying insurance policies at origination as well as monitoring policies for loan servicing.

Canopy Connect aims to enable businesses to verify insurance information directly from carriers in seconds. Through its consumer consent-driven data sharing technology and secure cloud infrastructure, Canopy Connect also works to enable insurance agencies, insurance carriers, lenders, and insurance innovators to deliver insurance services.

Source: Canopy Connect