In a significant move for the UK’s insurtech sector, PremFina, a provider of insurance premium finance, has finalized a £350 million private securitisation facility with backing from global financial giants HSBC and Waterfall Asset Management.
This milestone, advised by SpecFin Capital, positions the London-based fintech to fuel its expansion plans, targeting £1.9 billion in premium finance volumes, with £1 billion already secured through existing contracts.
The new funding is designed to bolster PremFina’s growth strategy by enhancing its funding efficiency and providing a stable foundation for scaling operations.
The company, reportedly recognized as the UK’s fastest-growing premium finance provider, aims to transform how insurance premiums are financed, making coverage more accessible through flexible payment solutions.
By leveraging its proprietary technology platform, PremFina enables brokers, managing general agents (MGAs), and insurers to offer tailored financing options, empowering customers to spread insurance costs over manageable monthly installments.
PremFina’s success is rooted in its innovative approach, blending technology with a customer-centric focus.
Its platform boasts a client conversion rate exceeding 70%, a testament to its ability to meet market demands effectively.
The company’s digital tools, including over 300 API integrations and AI-driven automation, streamline operations for partners, enhancing efficiency and improving customer experiences.
Sharon Bishop, CEO of PremFina, hailed the transaction as a pivotal moment, stating:
“This partnership with HSBC and Waterfall Asset Management reflects strong confidence in our team, technology, and business model. It enables us to expand our reach and deliver innovative, tech-driven financing solutions across the UK insurance market.”
The sentiment was echoed by HSBC’s Managing Director, Mawgan Harris, who emphasized the bank’s commitment to supporting high-quality UK businesses with scalable funding solutions.
Krishin Uttamchandani, Director at Waterfall Asset Management UK, acknowledged PremFina’s robust underwriting processes and consistent performance, noting its strong positioning for future growth.
The facility builds on PremFina’s history of strategic partnerships and funding milestones.
Earlier collaborations, such as with Ardonagh Advisory, have strengthened its distribution network, while a 2017 funding round raised £27 million from investors like Rakuten Capital and Draper Esprit.
These efforts have laid the groundwork for PremFina’s current trajectory, enabling it to process over £300 million in premiums since its 2016 FCA approval.
As PremFina deploys this new capital, it aims to deepen its impact in the insurance industry, offering brokers greater autonomy and clients more affordable payment options.
With a leadership team claiming over 80 years of industry expertise and a commitment to financial inclusion, PremFina is poised to redefine premium finance, fostering a market where insurance is accessible and sustainable.