Functional Finance provides a financial operations platform specifically designed to automate billing, invoicing, and reconciliation for insurance entities like MGAs, wholesalers, and insurers. The platform integrates with existing PAS, AMS, and ERP systems to streamline premium collection, commission management, and payables processing. This automation delivers real-time data visibility, enabling users to manage money movement efficiently and focus on business growth.
Funding
$28M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
WVFounders
Product
Problem
Managing billing, invoicing, and reconciliation across multiple systems is a complex and inefficient process for MGAs, wholesalers, and insurers. Manual data entry, disparate systems, and a lack of real-time visibility lead to errors, delays, and increased operational costs. This complexity hinders growth and makes it difficult to optimize financial performance.
Solution
Functional Finance offers a unified SaaS platform designed to automate and streamline financial operations for the insurance industry. The platform integrates with existing policy administration systems (PAS), agency management systems (AMS), and enterprise resource planning (ERP) systems to provide a single source of truth for billing, invoicing, and reconciliation. By automating these processes, Functional Finance reduces manual effort, minimizes errors, and provides real-time data and reporting. This enables insurance operators to optimize premium collection, simplify commission payouts, and gain enhanced visibility into their financial performance, ultimately leading to faster payments and improved cash flow.
Target Audience
Functional Finance targets MGAs, wholesalers, and insurance carriers seeking to automate and streamline their financial operations, reduce manual data entry, and improve financial visibility.
Features
- Automated billing and invoicing with support for various payment plans, including direct bill, agency bill, and installment payments
- Real-time reconciliation of payments and receivables
- Automated commission statement generation and flexible payout options
- Integration with PAS, AMS, and ERP systems via API and data mapping capabilities
- Customizable dashboards and partner portals for enhanced visibility and reporting
- Omnichannel payment processing, including digital invoicing and online payments
- Treasury management features for efficient money movement
- SOC II Type 2 certified security to protect customer data