Building the insurance platform of the future.
- Won ‘Best Fintech startup’, Elevating Founders, London Tech Week
- Is directly authorised by the FCA
- Released both iOS and Android apps
- Assembled a highly experienced team led by a serial entrepreneur
Buying and managing insurance is a broken process. We believe the industry is hopelessly out-of-date and ripe for disruption.
We’ve all been there: we lost track of what is insured, by whom, when it renews and what’s included or not included, not to mention not being able to find our insurance details when we need them the most.
Now imagine the calm of having your insurance world at your fingertips. If your car breaks down, you get all the details you need with just one tap. Or when your renewal is due, you get a timed reminder to get the best prices, an easy way to compare the new deals and an easy way to cancel your previous policy. Or even being able to share the details with your partner at the tap of a button so that they too know how to get help should they need it.
Welcome to Rnwl!
We’re building the platform that puts your insurance world at your fingertips, and we’d love you to join our journey from the beginning.
Substantial accomplishments to date
Our last round on Seedrs was oversubscribed.
- We assembled a highly experienced team led by a serial entrepreneur with an impeccable track record;
- We won ‘Best Fintech startup’ by Elevating Founders at London Tech Week;
- We got our FCA authorisation;
- We released both the iOS and Android apps and have early adopters;
- We won a SMART grant for our Machine Learning work (c2% applicant success rate);
- The feedback from our early adopters has validated our value proposition;
- Our pre-seed round in 2020 raised over twice the target.
The standard business model in the industry is for insurers to pay a commission to the distribution party.
The commissions differ from insurer to insurer and are usually in the range of 10 to 13.5% for motor insurance and 20 to 23% for household insurance (home and contents).
Average premiums are £475 for motor insurance and £146 for household insurance, resulting in typical commissions between £50 to £65 for motor insurance policy and £30 to £34 for each household insurance policy.
Use of proceeds
The capital raised is planned to be used as follows:
- 74% - human resources;
- 17% - Marketing;
- 9% - Operational expenses (rent, professional services, software subscriptions, hardware, insurance, and other smaller expenses).
We’re excited to get our greatest supporters to join our journey from very early on. Seedrs investors will receive EIS eligible ordinary shares under Seedrs nominee to provide access to Seedrs secondary market.
The company has the following outstanding loans:
1. £50,000 Bounce Back Loan from Starling Bank at an interest rate of 2.5% per annum. The loan was entered into in May 2020, and is to be repaid in monthly instalments over 72 months.
The funds raised from this investment round will not be used to repay these loans.
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