Feb. 14, 2019

Inshur, an app-based insurance platform for the ride-hailing and taxi industry, has raised $7 million in Series A equity funding led by Munich Re Ventures.

The funding, which includes participation from MTech Capital, will be used for expansion into U.S. and Europe markets as well as insurance verticals, according to a spokesman. Inshur will also get a $2 million credit facility from Munich Re.

The company, based in New York, with additional offices in Brighton, England, has offered insurance in the city for 11 months and recently launched service in the U.K. 

"We are excited to be working with strategic investment partners who understand the complexity of the insurtech landscape and the opportunity that lays before us," CEO Dan Bratshpis said in a press release.

The company is considering additional European markets where ride-sharing is growing, but commercial insurance has remained centered around brokers, a spokesman said. Additional U.S. cities are also being considered, but he did not name any specific markets.  

Inshur, founded in October 2016, previously raised $1 million in seed funding, according to the spokesman.

The company won approval for a fleet insurance product, which may roll out in the U.K. and additional U.S. cities later this year. It is also considering business verticals, including delivery, last-mile distribution and other transport sectors, he said.  

Brian McLaughlin, co-founder and a partner at MTech Capital, will join the Inshur board of directors. The Inshur investment is the first of MTech Capital's new fund.

Topics: Mobile Apps, Mobile Payments, Region: Americas, Region: EMEA

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Feb. 13, 2019

Alipay is partnering with Walgreens to bring its mobile payment platform to the U.S. pharmacy chain, allowing millions of Chinese visitors to make payments at the point of sale, according to a press release.

Alipay, operated by Alibaba-affiliate Ant Financial Services Group, serves about one billion users globally when included with its global venture partners. Alipay is available at 3,000 Walgreens stores in the U.S. and will now expand to 7,000 locations. Walgreens has more than 9,560 stores in the U.S.

The agreement builds on a partnership announced in September 2018 between Walgreens Boots Alliance and Alibaba Group, which led to the flagship Boots beauty care store launching on Alibaba's Tmall Global e-commerce platform.

"This collaboration has particular significance to our Chinese customer population, which now has a new way to experience Walgreens," Richard Ashworth, president of operations at Walgreens, said in relesae. "Not only can they buy our products via our dedicated store on Alibaba's Tmall mobile marketplace, but they will now also be able to shop in the U.S. using Alipay as they would in China."

Topics: In-App Payments, Mobile Payments, Region: Americas, Region: APAC, Retail

Companies: Alibaba, Alipay, Walgreens

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