March 26, 2019 /MTLinTECH/ –  Don’t call it a series A. Montreal-based FinTech fund Luge Capital has announced its 4th investment in just over 9 months since the company was founded. This time around they are partnering with Finaeo, a Toronto InsurTech that’s dreaming big. This “seed +” or “seed extension” round was led by Luge and supported by RGAX, Rising Tide Ventures, inovia capital and contingent of angel investors. The investment also included participation from all previous major investors.

“We’re dealing with an entire industry shifting to digital at the same time for the first time in history and that timing element can’t be overstated” says Aly Dhalla, CEO and Co-Founder of Finaeo. “There were 3 insights that launched Finaeo. One was the rise of the robo, the trend of FinTech companies saying ‘you don’t need an advisor, you don’t need any support.’ We feel like the world is more what we call ‘bionic’, combining great technology with a human touch to give great customer experience. Second, the fact that insurance as an industry is the last in the financial services sector to be digitized. This means a great opportunity to move people off pen and paper. And last is the rise of innovative business models, making it easier to launch into a traditional industry like insurance.”

For insurance advisors, the product is meant to be like an operating system on which they can run their business…

From an insurer’s perspective, it is designed to help solve 3 key problems that life insurance providers are experiencing on a global scale…

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