NEW YORK, May 08, 2023 (GLOBE NEWSWIRE) -- Marble, the free platform that makes it easy and rewarding to take control of all your insurance in one place, has officially announced their seed plus of $4.2 million in investment, alongside the launch of new features including Rate Watch, Automated Shopping, and Apple Wallet Integration.
Founded in 2020, Marble is a one-hub digital wallet that allows members to shop, compare, optimize, and — for the first time ever — earn rewards on their insurance. There's no cost to join. Marble members are insured by the nation's largest insurance agencies and can link their automotive, home, renters, pet, life, and other types of personal insurance all in one secure place.
Marble has raised $6.7M in funding to date, and their latest round was led by Distributed Ventures, with participation from new investors Blue Collective, Goodwater Capital, and CE Innovation Capital; existing investors IA Capital Group, MS&AD Ventures, Reciprocal Ventures; and veteran angel investors from across the finance and insurance industry.
With this fresh capital, Marble will continue to invest in new ways for their members to protect whatever, and whoever, they love. In particular, Marble will expand its engineering and marketing teams, invest in deeper user research practices, and — using that expanded team and those new insights — double-down on launching more features that are unique to the space.
“Marble has completely reimagined how consumers engage with insurance carriers, forging a clear path to fundamentally transforming insurance distribution through digitization,” said Adam Blumencranz, Partner at Distributed Ventures. “With Marble, consumers can manage and compare all their insurance policies from different carriers in one mobile wallet, empowering them to act as their own insurance broker. Under innovative leadership and a dynamic team, Marble has implemented an impressive cost-effective acquisition strategy that continues to strongly resonate with consumers, as indicated by the tens of thousands of users generated in less than 18 months.”
The latest fundraise helped power the newest features to hit the platform just this month, including Rate Watch, Automated Shopping, and an Apple Wallet Integration. The Rate Watch program automatically alerts users about any rate changes filed by major insurance companies that might impact their insurance rates. So for example: if a Marble member’s auto insurance provider files for a rate change that would impact an active policy held by that member, they would then receive a notification from Marble. Put simply, any time an insurance provider moves to change its policy pricing, Marble will flag it for their members. No other platform allows individuals to track and prepare for rate changes in this way.
Taking that feature a step further, Marble recently launched automated shopping for eligible members. When Marble members have a policy that enters the renewal period, Marble will run the existing policy pricing by their partners to see if Marble members might be able to save money by switching providers. Marble members will then receive a notification informing them of possible savings, without having to do any work themselves. With the release of this feature, Marble has taken on one of the most time-consuming (and annoying) aspects of being a policyholder — regularly shopping for and comparing rates — so that their members don’t have to. With automated shopping, Marble members now have peace of mind that comes with knowing that they’ll always have the most cost-effective coverage on the market.
And as an added bonus, Marble members can now sync their Marble account with Apple Wallet, allowing them to easily access all of their insurance policies alongside their other important digital cards. This functionality also allows members to easily share or revoke access to single policies or all policies, making it perfect for sharing insurance information with roommates, partners, neighbors, and more.
“Our goal is to help individuals keep track of all their policies, understand when they might see changes to their policies, and know whether to renew or to shop around when the time comes,” said Stuart Winchester, CEO and Founder of Marble. “2023 is a year of unprecedented household expenses, and insurance rate increases will unfortunately be a big part of that story. We believe US consumers deserve simple, intuitive digital tools and rewards that they can use in their daily lives to take control and save on their insurance. It’s about more than just trying to sell another policy — it’s about helping Americans feel confident in their coverage, knowing that they are protecting what matters to them most.”
It was less than a year ago that Marble launched its free mobile app, empowering millions of American households to confidently organize, optimize, and save on all of their insurance, while also earning rewards. Today, Marble's tens of thousands of members (and counting) are enjoying the latest features, with many more to come. You can download Marble’s 5-star rated, free app from the Apple App Store and Google Play Store.
About Marble
If you have insurance, you need Marble. Founded in 2020, Marble is a one-hub, digital wallet that allows members to shop, compare, optimize, and — for the first time ever — earn rewards on their insurance. There's no cost to join. Marble members are insured by the nation's largest insurance agencies and can link their automotive, home, renters, pet, life, and other types of personal insurance. Marble is proudly based in New York, New York. For more information or to create an account, go to JoinMarble.com. Follow us on Twitter @JoinMarble.
Press contact: pr@marblepay.com
About Distributed Ventures
Distributed Ventures is a Seed to Series B focused fund that invests in entrepreneurs as they transform the future of risk across Fintech, Insurtech, and Digital Health and Benefits. As former founders, investors, and operators, the Distributed Ventures team provides deep subject matter and early-stage operational expertise to help companies find success from day one. Distributed Ventures was born out of NFP Ventures with the goal of helping entrepreneurs demonstrate product-market fit and accelerate commercial traction via diverse distribution channels. For more information, visit distributedvc.com.
