HSCM Bermuda is among the investors in a $60 million Series B funding round for Buckle Corp, the US-based inclusive tech-enabled financial services company.

In addition to the $60 million in Series B financing, Buckle said HSCM Bermuda expanded the company’s surplus term loan from $10 million to $20 million to provide additional capital to support the premium growth of Buckle’s Gateway Insurance Company.

Buckle has closed more than $100 million in debt and equity funding since inception.

The company said the latest funding round was led by Volery Capital Partners with participation from Eldridge, Assurant Ventures, as well as HSCM Bermuda and other insiders.

As part of this transaction, Volery Capital Partners will join Buckle’s board of directors.

The successful raise underscores Buckle’s stated goal to reimagine financial services for the gig economy. The capital will help the company scale its pioneering, full-stack insurance-as-a-service platform as Buckle continues to spearhead innovative financial products for the rising middle class across the US.

The company’s core hybrid auto insurance policy for rideshare and delivery drivers uses data from Transportation Network Company platforms to underwrite policies.

By using rideshare and delivery data instead of credit scores, Buckle said its core, hybrid auto insurance policy helps close the gap created by conventional insurance policies that leave gig workers under insured or with higher premiums.

Marty Young, co-founder and CEO of Buckle, said: “This new raise helps validate Buckle’s positive momentum across its insurance programmes and reinforces our belief in the opportunity for growth the company faces today.

“Through our capital efficient, multi-carrier strategy, we’re expanding our digital insurance platform nationwide so that we can offer a range of attractive insurance options to US gig economy workers, many of whom have been considered essential workers throughout the pandemic.”

Buckle also acquired and recapitalised three admitted insurance carriers – Gateway Insurance Company, American Service Insurance Company, and American Country Insurance Company.

Through its multi-carrier insurance platform and strategic MGA partnerships, Buckle said it expanded insurance products for gig workers to include traditional taxi, limousine, rideshare fleets, and non-standard personal auto.

In addition to launching additional insurance products and partnerships, Buckle has recently introduced an auto financing product to its members in Georgia with plans to expand credit to other states soon.

HSCM Bermuda is the reinsurance and ILS investment management business arm of Hudson Structured Capital Management Ltd, the asset manager with a focus on the re/insurance and transportation sectors.

Volery Capital is a private equity firm that invests in financial services companies addressing climate change or economic inclusion.

Buckle is the inclusive digital financial services company serving the rising middle class and providers to the gig economy.

Using a portfolio of technologies and data sources, Buckle said it provides insurance and credit products to those who earn less than the average American wage and are subsequently penalised for having poor or no credit.