Israeli FinTech startup Earnix raises $75M in growth funding to accelerate global expansion; now at $1 billion pre-money valuation
Earnix, a Tel Aviv, Israel-based FinTech startup and a provider of a software platform for pricing analytics and optimization used by insurance and retail banking organizations, today announced it has raised $75M in growth funding with a pre-money valuation of $1 billion. The round was led by Insight Partners, with participation from existing investors JVP, Vintage Partners, and Israel Growth Partners.
Earnix will use the fresh capital to fuel its global expansion and accelerate its growth as a provider of mission-critical offerings for the Insurance and Banking industries. Earnix will also use the fund to rapidly accelerate hiring and support M&A activities to further anticipate the needs of a rapidly changing market. In conjunction with the funding, Earnix also announced that Jonathan Rosenbaum, Principal at Insight Partners, will be joining its Board of Directors.
Founded in 2001 by Sammy Krikler and Yoni Cheifetz, Earnix’s software helps financial services companies to predict customer risk and demand and their impact on business performance, enabling the alignment of product offerings with changing market dynamics.
Earnix combines predictive modeling and optimization with real-time connectivity to core operational systems, bringing the power of analytics-driven decisions to every customer interaction. Banks and insurers rely on Earnix solutions to improve deposit, loan, and insurance policy offerings.
Earnix combines innovative AI with advanced analytics, enabling clients to present highly personalized offers with the right product at the right price at the right time. In 2020, Earnix was recognized by CB Insights as the “Market Leader for Predictive Analytics for P&C Insurers” and has been named one of “11 InsurTechs to Watch in 2021” by Property & Casualty 360. Hosted in the cloud, Earnix’s offerings enable agile processes, robust automation, and strong governance in alignment with business objectives.
“This is just another testament to both the power and differentiation of our existing product offering, with its unique and innovative capabilities, and the untapped potential in further driving the success of our clients globally. This investment will accelerate the reach and impact of our world-class smarter business velocity solutions, coupled with the breadth, size, and reach of our customers, assuring our ability to meet a broad range of industry needs, and to deliver the best-personalized rates and products to every customer, every time,” said Udi Ziv, CEO at Earnix.
With offices in North America, Europe, Asia Pacific, and Israel, Earnix has focused on expanding its global footprint, in response to the growing need in the marketplace. Driven by advanced Israeli technology, Earnix will continue to accelerate new product innovation while facilitating the rapid development of its flexible and open platform. The growth investment will accelerate this buildout.
“Earnix offers a differentiated, true SaaS product in a market riddled with custom development and services,” said Jonathan Rosenbaum, Principal at Insight Partners. “Customers across Insurance and Banking have a strong mandate to adopt new technologies and related processes so as to remain competitive. Earnix is uniquely positioned to capture this demand to the benefit of its customers and the end consumers. Earnix represents one of the most important core systems an insurer or bank will procure in the coming years. With our unparalleled ScaleUp resources, we look forward to partnering with the company to meet its growth plans in the coming years.”
“I’m delighted to welcome my friends from Insight, Jeff Horing and Jon Rosenbaum, as we continue building a world-class category leader, providing the muscles and the brains for Insurance and Banking, as they move to real-time quotes and personalized products,” said Erel N. Margalit, Chairman of Earnix and Founder and Executive Chairman of JVP.
“We look forward to continuing to work with Udi Ziv and the amazing team of Earnix as the company strives to transform the Insurance and Banking industries. With a growing presence in North America, Europe, Asia Pacific, and Israel, Earnix brings its technology excellence as a true international leader.”