London-based insurtech Optalitix, a software provider for insurance and finance, sequred a $3 mn follow-on funding round led by Calculus Capital, with participation from 24 Haymarket and others.
This brings their total funding to $8 mn, positioning them to meet rising demand for digital transformation in the insurance sector.
Optalitix Originate, their cloud-based lending platform, streamlines the lending process and boosts profitability. This innovation has already attracted attention, with specialist lender Spring Finance adopting it as their mortgage origination platform.
The funding comes at a crucial time, as technology spending in insurance is expected to rise by over 25% by 2026. This growth is driven by the need for solutions that address inefficiencies, outdated systems, and the demand for personalised customer experiences. Optalitix aims to use these funds to enhance its digital offerings, keeping insurers competitive in a rapidly evolving market.
Optalitix’s success is built on its range of software products that improve insurance pricing and underwriting. Their leading product, Optalitix Models, converts complex Excel models into cloud-hosted systems, significantly speeding up actuarial modelling and risk assessment.
Another key product, Optalitix Quote, optimises the pricing and underwriting process, helping insurers quickly implement and adjust pricing strategies.
Jonathan Shapiro, co-founder of Optalitix, highlighted the fast implementation and seamless integration of their products into existing systems, which has been critical for their clients’ success.
Optalitix’s client base includes industry leaders like S&P Global, GoCompare, Lloyd’s, and Pool Re. Their solutions have proven scalable across various insurance segments in both UK and international markets.
Recognised by programs like the Fintech Innovation Lab and Lloyd’s Lab, Optalitix has gained significant industry attention. Alexander Crawford, Co-Head of Investments at Calculus Capital, noted Optalitix’s strong positioning in a market driven by digital transformation, supported by an experienced management team with deep industry knowledge.
As the company continues to grow, the new funding will drive further product innovation and support expansion plans. Dani Katz, co-founder of Optalitix, stated that the funds will enhance their products, helping insurers digitise pricing and underwriting faster and gain a competitive edge.
by Peter Sonner