Advance raises $8.55m seed to modernise insurance payments

By Puja Sharma

Advance, a financial platform built for insurance that reduces operational friction while ensuring premium dollars are controlled and earning, has raised $8.55 million in seed funding to modernise how insurance intermediaries manage and move money.

The new funding will support product expansion, go-to-market growth with MGAs, wholesalers, and high-volume agencies that face increasing pressure from premium volume, audit scrutiny, and operational complexity.

The round was led by nvp Capital, with participation from Crystal Ventures, Vesey Ventures, and Mensch Capital, alongside strategic angels including Assaf Wand, former CEO and founder of Hippo Insurance. The seed round follows Advance’s pre-seed financing and includes participation from insurance-aligned strategic investors.

Insurance intermediaries—including managing general agents (MGAs), wholesalers, and scaled agencies—handle some of the most complex money movement in financial services. Premium dollars must be collected, segregated, reconciled, and remitted across multiple parties, all while maintaining strict compliance and auditability in support of their fiduciary responsibilities. Yet most firms still rely on legacy banks, generic payment tools, and manual spreadsheet workflows with no common language to manage these processes.

“Advance is the GPS for insurance payments,” said Omer Rimoch, founder and CEO of Advance. “By combining purpose-built financial infrastructure with AI, we make sure every dollar is tracked, contextualised, and optimised in real time. When finance is fully automated, money doesn’t get lost — it generates value.

Advance provides bank-supported payments and account infrastructure purpose-built for the nuances and complexities of insurance. By automating the flow from payment collection to insurance intermediary trust accounts, carrier remittance, and producer commissions, Advance helps firms eliminate manual reconciliation, shorten payment cycles, and meet operational and compliance requirements for premium handling. The platform also enables intermediaries to earn yield on idle premium balances, wherever applicable—turning a historically passive requirement into a financial advantage.

“Advance unlocked yield on premium funds we hold in trust that previously generated no return,” said Alex Bargmann, CEO at Pathpoint Insurance. “Its intuitive platform makes managing our premium trust accounts straightforward while replacing manual work with a structured process and increasing visibility into our funds flow.”

“Advance understands that insurance money is different,” said Vaughn Crowe, Partner at NVP Capital. “Most solutions treat the symptoms with point tools and workarounds. Advance goes deeper—solving the underlying infrastructure problem with a platform built to support our insurance intermediaries with fiduciary responsibilities, operational scale, and regulatory reality.”