EasySend Raises $16M to Enable Insurance Companies and Financial Institutions to Build a No-Code Digital Future
- Investment , Banking , Insurance
- 22.09.2020 04:45 pm
EasySend, the no-code AI-powered platform transforming manual processes into digital journeys, today announced it has raised $16 million in funding following the completion of an $11 million Series A round led by Hanaco with participation from Intel Capital. The investment follows a previously undisclosed $5 million seed round from existing investors Vertex Ventures and Menora Insurance and will enable the company to double its current staff across its offices, optimise its product development and expand its customer base in the U.S., Europe, and Asia.
Regulated industries such as insurance, banking, and other financial services still rely heavily on manual, paper-based forms for sales processes and customer interactions including claims, policy issuance, customer onboarding, document submission, and remote servicing. EasySend’s no-code platform converts those processes into digital journeys that can be built, analysed, and optimised by non-technical staff without any coding via a simple drag and drop interface. This frees up IT teams from day-to-day maintenance issues and empowers employees across the enterprise to deliver new digital products in as little as a few days with a focus on an outstanding digital customer service experience.
The company raised its Series A round amidst the recent coronavirus outbreak, a turbulent time during which it has become clear to enterprises that “business as usual” is no longer sustainable in terms of customer experience. Now more than ever, financial services and insurance companies are searching for ways to digitise their operations rapidly and effectively to meet the growing demand for digitisation from their customers.
“The world is changing. COVID-19 forced traditional enterprises to embrace digital transformation and digital culture at a pace and scale never seen before,” said Tal Daskal, EasySend CEO and co-founder. “Our no-code platform is uniquely positioned to make this digital transition easier for enterprises from a wide range of industries – especially insurance and financial services – enabling them to create new digital products efficiently and effectively while boosting and creating digital opportunities which not only save on development and maintenance costs, but also drive revenue growth.”
“Hanaco is firmly invested in building a digital future. By bridging the gap between manual processes and digitisation, EasySend is making this not only possible, but also easy, affordable, and practical,” said Hanaco founding partner Alon Lifshitz.
“Intel Capital chose to invest in EasySend because of its intelligent and impactful approach to accelerating digital transformation to improve customer experiences,” said Nick Washburn, senior managing director, Intel Capital. “EasySend’s no-code platform utilises AI to digitise thousands of forms quickly and easily, reducing development time from months to days, and transforming customer journeys that have been paper-based, inefficient and frustrating. In today’s world, this is more critical than ever before.”
"The last few months have demonstrated the need to go digital,” adds Yanai Oron, general partner at Vertex Ventures, who invested in the company’s seed round. “And as a result, the demand EasySend was experiencing for its solution became even higher."
EasySend works with leading financial institutions in the U.S.A., Israel, and Europe, including top insurance companies such as Petplan and R+V.
In addition, EasySend announced two new appointments to its board of directors, Alon Lifshitz, founding partner, Hanaco, and Roi Bar-Kat, investment director, Intel Capital.