Functional Finance offers a financial operations (FinOps) software platform for managing general agents (MGAs), insurance companies, and wholesalers. The platform automates invoicing, premium payments, collections, reconciliation, and related back‑office functions. By handling these operations, it enables insurance organizations to focus on creating new products, mitigating existing and emerging risks, and improving underwriting accuracy. Led by CEO Rashmi Melgiri and based in San Francisco, the company has raised $20M in a Series A round. The financing was led by Walkabout Ventures, with participation from Munich Re Ventures and Phil Edmundson. Functional Finance plans to use the funds to accelerate product development and to hire across engineering, product development, customer success, and operations. Functional Finance provides an API-driven embedded financial operations software that lets insurance companies automate and own money flows from checkout and financing through payables and refunds. The platform offers billing/invoicing, premium collection, financing, reconciliation, payables processing, reporting and integration back to the general ledger, and is SOC 2 Type II certified. It integrates into partners' finance tech stacks to streamline back-office functions for reinsurers, carriers, MGAs, wholesalers and brokers. The company was co-founded in 2021 by Rashmi “Rush” Melgiri and Tony DeGangi; Melgiri serves as CEO and Jim Ermilio (formerly CoverWallet president) is president. Functional Finance intends to use the new funds to accelerate product development and marketing initiatives focused on automating insurers' finance and reporting workflows.

Total raised

$30M

Funding rounds

3

Latest round

Series A

Latest activity

Sep 2024