Full-stack homeowners insuretech Slide Insurance has announced the closing of a $35 million senior credit facility with Regions Bank.
This investment fortifies the financial position of the Florida-based firm, according to the announcement.
“Securing the capital structure to support our technology development and growth has been a key focus since our inception,” Slide founder and CEO, Bruce Lucas commented.
“Our start-up year has been exceptional. We appreciate the opportunity to collaborate with Regions Bank on our inaugural credit facility that enhances our financial position and growth objectives,” he added.
This credit facility builds on the funding Slide secured in its $105 million venture-back series A round which closed in November 2021.
Leo Loughead, head of the Financial Services Group at Regions, noted that the financial services provided by the bank reflect Regions’ strategic, consultative and relationship-based approach toward client service.
He said: “Regions has a long track record of success with growth-oriented companies in the property and casualty insurance industry.
“Our work with Slide is a prime example of our team’s ability to deliver tailored capital and advisory solutions in a manner that maximises client outcomes. Regions is proud to be working with Slide and looks forward to collaborating in the future.”