Porsche Ventures has backed the bicycle insurance provider as part of an extended funding round.
"The increasing digitization and variety of sustainable mobility offers leads to the need for an innovative and customer-centric offer in the field of digital insurance. With the investment in Laka, we are pleased to support a strong team that is addressing the global insurance market with a unique, highly adaptable and digital business model, which focuses above all on the customer experience."
— Patrick Huke, Head of Porsche Ventures, Europe & Israel
Adit Venture Capital and Fasanara Capital led the financing round to support UK expansion.
"BNPL for business is a completely different concept to B2C BNPL. Right now, there are very few B2B purchases happening online. We’ve created a platform that gives total control to businesses to dictate what payment terms they want to have, helping them pay over 6 to 12 months, whilst their suppliers are still paid within 24 hours. With this superpower, we help businesses that want to scale regardless of the market conditions."
The debt funding deal from ARA Venn will support the nationwide rollout of StrideUp and its shared ownership mortgage product.
"We are excited to bring an innovative, scalable product to market solving a hard real-world problem for an entire generation that is priced out of home ownership. We believe this funding is an early step in making a material dent in the challenges facing first time buyers realise their aspirations."
The financing round was led by Lytical Ventures with participation from Flashpoint and Sony Innovation Fund.
"We got pulled to the US market and saw a significant demand for our solution in the financial services sector. With this funding round we are increasing our sales and marketing efforts on the US and European markets. And we are also continuing to invest in our technical and product capabilities to automate compliance workflows and apply our data science models to the compliance content as one of the biggest challenges that heavily regulated firms are facing is keeping up with the volume of regulatory change."
