New York, NY, November 29, 2017 --(PR.com
)-- Total Insurance Payments Inc. (TIP), the only end-to-end payments platform designed for the insurance industry, announced today that it has engaged Castle Placement as its exclusive placement agent to raise $5 million of equity to develop its business operations and onboard its first three insurance carrier clients - additional raises expected of up to $50 million to accelerate growth.
TIP represents a major disruptive paradigm shift for the insurance industry by putting carriers in control of their payments process instead of banks, offering the potential for dramatic improvements in profitability. Insurance underwriting profits are currently under intense pressure, as costs related to payments alone are equal to more than 8% of underwriting revenue. Insurance companies can double profitability by using TIP’s payment automation and processing to replace multiple financial payment processors and eliminate the use of paper checks. TIP is well-positioned to scale rapidly and has validated its value proposition through consulting engagements with leading carriers. Management is highly experienced in building similar businesses, having achieved profitable exits in three companies directly relevant to TIP.
Founded in 2009, Castle Placement raises equity and debt capital for private early-stage and middle market companies across a broad spectrum of industries. Its highly experienced investment bankers and robust, data-driven, innovative technology platform connect issuers with global institutional investors. Castle Placement has over 27,000 private equity, venture capital and strategic investors, family offices, pension funds, foundations, endowments, sovereign wealth funds, hedge funds and lenders.
Contact: Richard Luftig, (212) 418-1181, firstname.lastname@example.org.