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BFD Expert Voices - Private Credit

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Patra, an insuretech startup, has raised $146 million from fintech-focused growth equity firm FTV Capital.   

Why it matters: The California-based company is expected to use part of its new cash pile to pursue acquisitions.  

How it works: Patra employs a team of insurance experts who use a proprietary tech platform called PatraOne to take care of administrative and operational tasks on behalf of its clients.

That includes everything from processing things like certificates of insurance to checking policies, downloading documents, doing reconciliations and accounting work, according to Patra founder and CEO John Simpson. 

In some cases, he says, the firm even white-labels its services and manages some small accounts for clients from start to finish.

The company now serves 250 clients and “70% of the top 100 brokers use us in some fashion or another,” according to Simpson.

Context: Earlier this year, FTV raised $2.3 billion to invest in fintech-focused businesses.

At the time, FTV managing partner Brad Bernstein told Ryan that the firm would primarily invest in capital-efficient companies with solid fundamentals.

“We're not just piling into later-stage unicorn deals where they're trading at a crazy valuation," he said.

Between the lines: With that in mind, Patra perfectly fits the description of the type of business FTV is looking to bet on. 

The company has been mostly bootstrapped and has posted consecutive year-over-year revenue growth since it was founded in 2005.

What’s next: M&A opportunities and new locations. 

“We finally reached a point where we could scale much faster but to do that, we wanted to make certain we had the capital behind us to take on some M&A activities or international expansions so we can grow at even a much faster clip,“ Simpson says.

Of note: Along with the investment, Bernstein and FTV principal Mike Vostrizansky will join Patra’s board of directors.

FTV invests $146M in insuretech Patra

The growth equity will be used for M&A and international expansion

Illustration of a stack of cash repeated three times, over green shapes and a blue zigzag line.

Fintech

Patra, an insuretech startup, has raised $146 million from fintech-focused growth equity firm FTV Capital. Why it matters: The California-based company is expected to use part of its new cash pile to pursue acquisitions.

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FTV invests $146M in insuretech Patra

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