Blockchain Startup Black Insurance Receives Investment From Fineqiabr>
Black Insurance is a blockchain-based digital insurance company that allows token holders to invest directly into insurance risk. The company intends to become a licensed insuer and enable the underwriting of new insurance policies via insurance syndicates akin to the Lloyd’s market. Black is gearing toward an initial coin offering (ICO) later this year to sell utility tokens that will be used for transacting on its platform, once it is publicly available.
Fineqia International focuses on operating a regulated crowdfunding platform focused on debt instruments. The company intends to provide an online platform and associated services to support security issuances and manage administration of debt securities, such as minibonds. Its platform would allow individuals and financial institutions to discover and invest in high-yield debt securities that meet UK crowdfunding regulatory guidelines.
The equity investment will allow Fineqia to strengthen its existing pipeline of asset-backed debt securities that will be offered to investors on its platform. The investment is also in line with its strategy to invest in blockchain firms that support its business model.
“We are excited to back Black, which allows for a wide variety of investors to participate in a high quality insurance finance product,” said Fineqia CEO Bundeep Singh Rangar, who also helped found Black. “Black represents everything we want from issuers on our platform: innovation, disruption and ambition. We believe that insurance is one sector ripe for blockchain disruption and Black Insurance has the right team experience to make this happen.”
“There is a lot of appetite in the insurance industry to innovate and cross the threshold to a radically new era,” said Risto Rossar, Black’s founder. “We already have dozens of requests from brokers across the world to join the platform. They have grown impatient of the innovation-averse, slow mindset dominating the industry, and see Black as a way to make their aspirations a reality.”