Great Hill Partners announced it has recapitalized One Inc., a Folsom, California-based insurtech digital payments platform provider, to support continued growth.
Founded in 2005 by president and CEO, Christopher Ewing and COO Tim Tyannikov, One Inc., “allows insurance companies to maintain a frictionless payment experience across all stakeholder groups, including policyholders, vendors, agents and service providers.” This makes the company one of the most dominant players in the insurtech sector, growing payments at an average rate of 77 percent year over year.
According to its website, One Inc. processes more than $5 billion in payments for 100 insurance companies annually. Their clients include K2 Insurance Services, Great American Insurance Group, Medical Mutual of Ohio.
“Our mission is to modernize the insurance industry through a frictionless payments experience, and this additional capital will enable us to expand our engineering, sales and marketing resources to support that mission,” said Ewing. “Payments is the most important touchpoint for insureds, and we have spent years understanding insurance-specific payment needs. Partnering with Great Hill and leveraging their broader payments industry experience will not only help us continue to innovate, but also accelerate our ability to bring new products and services to market.”
As well as growth, Great Hill hopes to double the company's staff over the next 24 months. This begins with Great Hill Managing partners Nick Cayer and Matt Vettel joining One Inc.'s board as part of the deal.
One Inc. is Great Hill’s sixth vertical payment acquisition. Other deals include Vanco, Affinipay, BillMatrix, Passport Health, and Accelerated Payments Technology. Great Hill focuses on sectors spanning software, fintech, and health-care technology. The Boston private-equity firm typically invests equity ranging from $40 million to $250 million per deal.
The deal closed as One Inc. introduced ClaimsPay, a new product allowing insurance companies to pay and close claims instantly. It also works to reduce fraudulent offers by using methods and channels prefers by policyholders.
One Inc. has raised a total of $52.2 million in funding, with $15.5 million in 2017. Investors include American Family Ventures, Centana, AGI Partners, AXA, MassMutual Financial Group, H&Q Asia Pacific, Camp One Ventures and AGI Partners.