Inclined Technologies Inc., a financial technology company aiming to democratize a $150 billion market by assisting consumers in significantly increasing the value of their life insurance policies, announced today the completion of a $15 million Series A funding round. The round was led by HSCM Ventures, with participation from Anthemis Group and several new and existing investors.
The funds will be used to invest in its marketing and business development teams, as well as to evaluate tangential expansion opportunities.
Approximately $150 billion is currently borrowed against whole life policies in inefficient ways, resulting in suboptimal compounding of the cash value and ultimate death benefit of these policies. Inclined assists policyholders in extracting more value from their whole life investment by providing quick and easy access to the equity they have built in their whole life policy.
The initial focus of Inclined is to collaborate with whole life advisors to provide policyholders with a secured, revolving line of credit collateralized by the cash value in their whole life policy, all within a fully automated experience. The Inclined Line of Credit (“iLOC”) is adaptable in that it can be drawn or repaid iteratively at the borrower’s discretion. On the Inclined platform, the borrower never pays any fees, and the loan application process takes less than 15 minutes.
Inclined manages customer acquisition and enables a network of banks to originate the lines as a turnkey line of business via its proprietary technology platform.