The offering page reveals that Rnwl is offering a 1.79% equity stake with a pre-money valuation of £8.2 million. The company is EIS qualified, has a Seedrs Nominee, and has received approval for the Secondary Market.
Rnwl was co-founded by CEO Gonçalo de Vasconcelos, (pictured) a well-known figure in the fintech space who also co-founded SyndicateRoom.
As of now, the insurtech has surpassed 80% of its initial funding goal, raising £122,342 from 158 investors.
Rnwl operates on the premise that insurance providers often raise premiums annually. Due to customer inertia, individuals often accept these price increases without exploring alternative options. Rnwl automates the process of comparing insurance prices, enabling users to select better or more affordable alternatives. The aim is to consolidate all of the user’s insurance products within a single app.
Rnwl generates revenue by collecting a commission from the user’s new insurance provider when they switch. Commissions are a common practice in the insurance industry, but Rnwl’s service helps users save money and simplifies the shopping process.
According to the offering page, Rnwl has gained attention from top banks and other companies in the industry. The company is currently in potential partnership discussions with these financial institutions, which collectively serve millions of customers.
Rnwl previously raised funds on Seedrs in 2021, closing a funding round at nearly £500,000.
The Rnwl app is currently available on both the App Store and Google Play.
Source: Crowdfund Insider
