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Momento Seguros, a Mexico City-based digital auto insurer, has raised a $10.25 million Series A round, CEO Lois Rogel tells Axios exclusively.

The big picture: Five incumbent carriers control over 70% of premiums in Mexico.

Industry loss ratios average about 94%, making it one of the most profitable auto insurance markets globally.

Yet only about a third of vehicles carry coverage, despite a federal liability mandate, because incumbent pricing makes coverage unaffordable for many households.

Zoom in: Hedosophia and American Family Ventures led the financing and were joined by existing backers Foundation Capital, Y Combinator, HSCM Ventures and Clocktower Ventures.

How it works: Momento is a licensed, full-stack carrier.  

Rogel says the company collects more driver and vehicle variables that enable it to price risk more precisely and make coverage affordable for middle- and lower-income motorists.

Its app also bundles car-management features like ticket checks and emissions reminders for customers.

Consumers can pay monthly in cash at convenience stores, and late payments pause, rather than cancel, coverage until the bill clears.

"It's like a subscription from Netflix," Rogel says. "If you don't pay in time, we pause the subscription... and if you can make the payment one week later, we'll resume the subscription."

Between the lines: Momento also provides AI tools to agents and brokers, enabling them to quote policies and track claims in real-time.

"If we can make agents more productive without paying higher commissions, they'll prefer to sell our product," Rogel says.

Context: Momento was founded in late 2021 and received regulatory authorization after about 18 months, which Rogel claims was the fastest approval on record.

The company had previously raised about $10.5 million in seed funding.

By the numbers: Momento has underwritten more than 10,000 policies roughly two years after launch, with about 60% of sales coming through agents and brokers using its automation tools.

What's next: The company plans to use the funding to expand beyond Mexico City and add coverage for motorcycles and fleets.

"Whenever you open a new region, you need to put boots on the ground," Rogel says. "You need to have commercial teams there, [a] claims team, and relationships with repair shops and tow providers."

Exclusive: Mexican auto insurer Momento Seguros raises $10M

Company offers coverage with monthly cash payments.

Illustration of a car stylized as money surrounded by pieces of money and various shapes.

Momento Seguros, a Mexico City-based digital auto insurer, has raised a $10.25 million Series A round, CEO Lois Rogel tells Axios exclusively.The big picture: Five incumbent carriers control over 70% of premiums in Mexico.

Exclusive: Mexican auto insurer Momento Seguros raises $10M

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