Client Story
Insurtech Gateway
Founded in 2016 with a portfolio that includes the likes of FloodFlash and By Miles, Insurtech Gateway is an early-stage insurtech investor.
Innovators requiring an Intelligent Finance Function
Insurtech Gateway’s mission is to close the funding gap in early stage insurtech, and to attract a new kind of founder tackling complex climate and social challenges. The Gateway incubates early stage founders to de-risk their regulatory and insurance metrics. With offices in London and Australia, the high-growth innovator has recently completed their first close on Seed Fund II, which will allow the Gateway to support another 20 teams over the next 4 years from pre-seed to Series A. CEO Richar Chattock says that Insurtech Gateway creates a “safe space” for founders to innovate and collaborate with insurers, at his recent interview at ITC Vegas.
Square Mile have been a valuable partner supporting us across accounting, bookkeeping and other financial matters and are always quick to respond to any requests or questions we might have.
Insurtech Gateway
The Challenges
Insurtech Gateway is going through a phase of high growth, recently closing on the raise of their next fund, allowing them to support another 20 business over the next four years from Pre-seed to Series A. With the engagement with Square Mile, Insurtech Gateway were looking to add value, improve control & given them back valuable time during this phase of fast growth.
The Solution
Insurtech Gateway wanted a fully outsourced finance function to manage all finance fundamentals including bookkeeping, VAT & supplier payment runs as well as bespoke management reporting, financial modelling & assistance with their year-end accounting, taxation & statutory audit. Insurtech Gateway moved their business to Square Mile in 2019 and Square Mile continues to be an important partner to their business. To assist further with the company’s financial decisions, Square Mile built a 3-way 3-year financial model to enable Insurtech Gateway to make decisions that would impact their future cashflow and profitability. This forecast is revisited monthly to make real time updates as the business continuously makes strategic decisions which have an impact on cash & profit.
The Results
- Time saved on bookkeeping & accounting
- Enhanced reporting & management information
- Forecasting insights to enable strategic decisions
