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FUNCTIONAL FINANCE

Financial operations platform for MGAs, wholesalers, and carriers

Core Administration Growth Series A
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Overview

Functional Finance is a SaaS platform purpose-built to automate billing, reconciliation, and money movement for the insurance industry. Founded in 2021 by seasoned insurtech veterans -- including Rashmi Melgiri (co-founder of CoverWallet) and Tony DeGangi (founder of Renew) -- the company addresses the fragmented, manual financial operations that plague MGAs, wholesalers, and carriers.

The platform unifies billing, payment processing, payables management, treasury, reconciliation, and reporting into a single financial operations layer that connects to existing policy administration and accounting systems. A typical deployment takes six weeks, after which customers replace spreadsheet-heavy month-end close processes with automated workflows.

Functional Finance raised a USD 20M Series A in 2023, led by Walkabout Ventures with participation from Munich Re Ventures, New Enterprise Associates, Altai Ventures, Starr Insurance, and advisor Phil Edmundson (founder of Corvus Insurance). Post-Series A, the company reported 2,500% year-over-year growth in premium payment volume processed.

Products & Services

Digital Invoicing and Billing Automation

End-to-end premium billing workflows that replace manual spreadsheet processes for MGAs, wholesalers, and carriers. Saves approximately USD 15 per invoice processed.

Key Features

  • Automated invoice generation and delivery
  • Premium billing workflow management
  • Exception handling and tracking

Target Users: MGAs, Wholesalers, Carriers

Omnichannel Payment Processing

Automated premium payment collection, disbursement, and reconciliation across complex multi-party insurance payment flows.

Key Features

  • Flexible payout options
  • Commission statement automation
  • Multi-party payment routing

Target Users: MGAs, Wholesalers, Carriers

Automated Payables Management

Streamlines payment processes with real-time tracking and exception management for wholesalers, MGAs, and carriers.

Key Features

  • Real-time payment tracking
  • Exception management workflows
  • Automated disbursement scheduling

Target Users: MGAs, Wholesalers

Treasury Management

Financial management tools providing real-time visibility into cash positions and payment flows.

Key Features

  • Real-time cash position dashboards
  • Payment flow visibility
  • Financial forecasting tools

Target Users: MGAs, Carriers

Real-Time Reconciliation

Automated matching and reconciliation of premium transactions across carrier, MGA, and broker ledgers.

Key Features

  • Rules-based transaction matching
  • Exception handling and resolution workflows
  • Multi-ledger reconciliation

Target Users: Carriers, MGAs, Brokers

Reporting and Analytics

Automated financial reporting replacing manual month-end close processes with real-time visibility.

Key Features

  • Automated financial dashboards
  • Month-end close acceleration
  • Custom reporting views

Target Users: Finance and Operations teams at MGAs, Carriers

Integration Layer

Connects to existing policy administration systems, account management systems, carrier portals, and ERP platforms through REST APIs and data mapping capabilities.

Key Features

  • REST API connectivity
  • Pre-built connectors for PAS and AMS systems
  • ERP and carrier portal integrations
  • Typical 6-week implementation

Target Users: IT and Operations teams

At a Glance

Founded
2021
Headquarters
San Francisco, California, USA
Employees
51-200
Funding
Series A

Category & Focus

Category
Core Administration
Subcategories
Billing Automation Payment Processing Financial Reconciliation
Insurance Verticals
P&C Commercial Specialty/E&S
Target Customers
MGAs/MGUs, Carriers, Brokers

Customers

  • Obie
  • Authentic
  • Boundless Rider
  • Frontier Risk
  • Coterie Insurance

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Last updated: 2026-06-03