# FUNCTIONAL FINANCE

> Financial operations platform for MGAs, wholesalers, and carriers

## At a glance

| Field | Value |
| --- | --- |
| Category | Core Administration |
| Type | Solutions Provider |
| Region | NA |
| Headquarters | San Francisco, California, USA |
| Founded | 2021 |
| Stage | Growth |
| Employees | 51-200 |
| Funding | Series A |

## Overview

Functional Finance is a SaaS platform purpose-built to automate billing, reconciliation, and money movement for the insurance industry. Founded in 2021 by seasoned insurtech veterans -- including Rashmi Melgiri (co-founder of CoverWallet) and Tony DeGangi (founder of Renew) -- the company addresses the fragmented, manual financial operations that plague MGAs, wholesalers, and carriers.

The platform unifies billing, payment processing, payables management, treasury, reconciliation, and reporting into a single financial operations layer that connects to existing policy administration and accounting systems. A typical deployment takes six weeks, after which customers replace spreadsheet-heavy month-end close processes with automated workflows.

Functional Finance raised a USD 20M Series A in 2023, led by Walkabout Ventures with participation from Munich Re Ventures, New Enterprise Associates, Altai Ventures, Starr Insurance, and advisor Phil Edmundson (founder of Corvus Insurance). Post-Series A, the company reported 2,500% year-over-year growth in premium payment volume processed.

## Products & services

### Digital Invoicing and Billing Automation

End-to-end premium billing workflows that replace manual spreadsheet processes for MGAs, wholesalers, and carriers. Saves approximately USD 15 per invoice processed.

**Key features:**

- Automated invoice generation and delivery
- Premium billing workflow management
- Exception handling and tracking

*Target users:* MGAs, Wholesalers, Carriers

### Omnichannel Payment Processing

Automated premium payment collection, disbursement, and reconciliation across complex multi-party insurance payment flows.

**Key features:**

- Flexible payout options
- Commission statement automation
- Multi\-party payment routing

*Target users:* MGAs, Wholesalers, Carriers

### Automated Payables Management

Streamlines payment processes with real-time tracking and exception management for wholesalers, MGAs, and carriers.

**Key features:**

- Real\-time payment tracking
- Exception management workflows
- Automated disbursement scheduling

*Target users:* MGAs, Wholesalers

### Treasury Management

Financial management tools providing real-time visibility into cash positions and payment flows.

**Key features:**

- Real\-time cash position dashboards
- Payment flow visibility
- Financial forecasting tools

*Target users:* MGAs, Carriers

### Real\-Time Reconciliation

Automated matching and reconciliation of premium transactions across carrier, MGA, and broker ledgers.

**Key features:**

- Rules\-based transaction matching
- Exception handling and resolution workflows
- Multi\-ledger reconciliation

*Target users:* Carriers, MGAs, Brokers

### Reporting and Analytics

Automated financial reporting replacing manual month-end close processes with real-time visibility.

**Key features:**

- Automated financial dashboards
- Month\-end close acceleration
- Custom reporting views

*Target users:* Finance and Operations teams at MGAs, Carriers

### Integration Layer

Connects to existing policy administration systems, account management systems, carrier portals, and ERP platforms through REST APIs and data mapping capabilities.

**Key features:**

- REST API connectivity
- Pre\-built connectors for PAS and AMS systems
- ERP and carrier portal integrations
- Typical 6\-week implementation

*Target users:* IT and Operations teams

## Category & focus

- Subcategories: Billing Automation, Payment Processing, Financial Reconciliation
- Insurance verticals: P&C Commercial, Specialty/E&S
- Target customers: MGAs/MGUs, Carriers, Brokers

## Notable customers

- Obie
- Authentic
- Boundless Rider
- Frontier Risk
- Coterie Insurance

## Links

- Website: <https://www.functionalfi.com>
- Directory profile: <https://insurtechlist.com/companies/functional-finance/>
- Linkedin: <https://www.linkedin.com/company/functional-fi>

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*Last updated: 2026\-06\-03*