London-based Diesta, a B2B SaaS company focused on transforming payment operations for the insurance industry, has secured $3.8M (approximately €3.49M) in a Seed funding round led by New York-based FinTech Collective (FTC).
FTC is a global VC firm founded in 2012. It focuses on backing founders in transforming financial processes and offers deep expertise in fintech, a global portfolio, and US network connections.
Diesta’s Seed round also saw participation from Commerce Ventures and existing investors Restive Ventures and SixThirty.
Toby Triebel, Partner at FinTech Collective, says, “The status quo surrounding payment processing in the insurance industry is stuck in the 20th century and cannot last. We are thrilled to partner with the Diesta team on their mission to reimagine this industry from the ground up.”
“Their vision to eliminate premium processing time and costs, offering real-time payments, reconciliation, and treasury management has resonated strongly since the first meeting.”
Diesta’s Seed investment follows its $2M pre-seed round secured last year.
Transforming the premium payments industry
According to Diesta, it aims to tackle inefficiencies in the insurance industry, where outdated manual processes lead to significant financial losses—estimated at $32B annually due to premium payment misallocation.
Founded in 2022 by Julian Schoemig and Christopher Davis, Diesta is a payment operations platform for the insurance industry. Its goal is to streamline premium processing for intermediated insurance, enabling companies to expand into new markets and products while reducing inefficiencies and saving billions.
CEO Schoemig, says, “We’re addressing one of the insurance industry’s biggest back-office challenges—premium payments. We’ve shown that we can bring digital payment innovation to a space long considered an unsolvable burden.”
“By working with everyone from nimble insurtechs to some of the largest brokers and MGAs in the London market, we know that the Diesta platform can deliver immense value for entities of all sizes. We are thrilled to have the backing of such high-profile investors as partners in our growth journey.”
Diesta’s technology serves as the financial operations backbone for the insurance industry, streamlining various payment and premium data into a unified platform. This approach boosts efficiency and creates new revenue opportunities in an industry burdened by manual processes.
The company has gained traction in the London market, attracting a diverse client base, including both emerging insurtechs and large enterprises with revenues over $1B.
Capital utilisation
Diesta plans to use the funds to expand across the UK, Europe, and the US, targeting new geographies and insurance classes.
The company will invest in enhancing its platform with AI-driven integrations and fintech partnerships, aiming to provide advanced tools for insurance finance teams.
This funding also supports Diesta’s goal of becoming the leading payment operations platform for the insurance sector, driving digital transformation in a traditionally outdated industry.
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