• The French startup has now surpassed the USD 1 billion mark.
• The fresh investments will be used to expand its product portfolio.

Shift Technology, a France-based company that offers fraud detection solutions to insurers, has reportedly secured USD 220 million during the Series D funding round which was led by Advent International. The new funds have brought the startup’s valuation to around USD 1 billion.

Existing investors that participated in the fundraising include Iris Capital, General Catalyst, Bessemer Venture Partners, and Accel. The fresh investments will be not only used to develop new products but also to add better functionality to the existing ones, cited sources close to the company.

In this context, the co-founder and CEO of Shift Technology Jeremy Jawish was quoted saying that the startup will now focus on products specifically designed for the health insurers, further helping in avoiding improper payments.

The company’s software basically analyzes an insurance claim and then helps insurers in detecting fraudulent activities, such as money laundering. The company also intends to expand in the health insurance sector using the newly secured investment.

It is worth noting here that several insurance companies and other financial institutions have been focusing on integrating advanced technologies to automate some time-consuming and labor-intensive processes.

Shift Technology’s clients include prominent insurance providers such as AXA SA., FWD Group, and MS&AD Insurance Group Holdings. The startup currently has 350 employees and is looking forward to entering the property and casualty insurance vertical.

One key point with Shift Technology is that it is helping older insurance providers to offer better tools and services to improve their profit margins as well as compete with new players who rely heavily on using some advanced technologies.

Source Credits –

https://kfgo.com/2021/05/05/french-start-up-shift-technology-valued-1-billion-in-220-million-round/