Private equity investor LDC has invested in insurtech business Uinsure, which connects brokers and lenders with insurers.
The Manchester-based platform says it will use the undisclosed funds to boost market share, “while developing new markets, as well as growing its network of partnerships with intermediaries, major building societies, and banks”.
It has recently invested heavily in its technology, including new application programming interface integrations and the development of a new pricing engine. The firm has doubled the size of its technology team over the last two years.
Uinsure is led by founder and chief executive Simon Taylor, who is also the former founder and chief executive of broker support services firm Bankhall.
The transaction was led by LDC North West partner Aziz Ul-Haq and partner and head of North West Dale Alderson, who both join the firm’s board.
Peter Thompson, former chief executive of BGL Insurance also joins the platform, founded in 2007, as a non-executive director.
Uinsure’s Taylor says: “When we started looking for an investor to support us through our next phase of growth, finding the right partner who shares our culture was extremely important to us.
“The team at LDC will be working closely to strategically support us with our long-term goals, as we explore new markets and grow our network of partnerships.”
LDC’s Ul-Haq adds: “Uinsure’s recent large-scale investment in its technology means it is perfectly placed to serve its target market by offering a digital-first solution with a competitive edge.”
LDC, part of Lloyd’s Banking Group, has invested over £650m into more than 35 technology firms since 2012.