Advance Raises $8.55 Million in Seed Funding to Modernize Insurance Money Management

Advance, a financial platform catered to insurance, has secured $8.55 million in seed funding to revolutionize how insurance intermediaries handle and move money. The investment round was led by nvp Capital, with contributions from Crystal Ventures, Vesey Ventures, Mensch Capital, and strategic angels such as Assaf Wand, former CEO and founder of Hippo Insurance. This funding follows Advance's pre-seed financing and involves participation from insurance-aligned strategic investors.

The platform is designed to streamline premium money movements, addressing the complex financial operations insurance intermediaries encounter with a focus on controlling and optimizing premium dollars. By automating payment collection, insurance intermediary trust accounts, carrier remittance, and producer commissions, Advance aims to eliminate manual reconciliation, shorten payment cycles, and support operational and compliance requirements associated with premium handling.

Furthermore, the platform allows intermediaries to earn yield on idle premium balances, effectively turning a historically passive requirement into a financial advantage. The funds raised will be utilized for product expansion and go-to-market growth, targeting MGAs, wholesalers, and high-volume agencies dealing with increasing pressure from premium volume, audit scrutiny, and operational complexity.

Advance's solution seeks to address the underlying economics of insurance money movement by providing a better way to manage premium funds, reduce friction, and transform a mandatory process into a source of value.