Salvadoran InsurTech Sostengo raises $3.8m in recent funding round

TLDR:

• Salvadoran InsurTech Sostengo secures $3.8m in funding round
• Plans to expand digital insurance solutions to underserved markets

Article Summary:

Sostengo, a Salvadoran InsurTech, has secured $3.8m in funding to expand its digital insurance solutions, with plans to enter the U.S. market. The investment round saw participation from PeopleFund, establishing a joint operation. Sostengo’s innovative approach has led to a significant growth in premiums sold, addressing the vast unprotected segment of vehicles in Central America that are uninsured. The company aims to bridge this gap by providing a consumer-centric, customizable, and accessible insurance solution through its mobile platform. CEO Estuardo Escobar expressed excitement about evolving the industry and pioneering the digitalization of insurance in the region. The funding will enable continued growth in Central America and the introduction of tailored solutions to U.S. Hispanics.