New updates have been reported about Advance.
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Advance, a New York–based fintech focused on insurance money movement, has raised $8.55 million in seed funding to scale its platform that automates how managing general agents, wholesalers, and large agencies collect, reconcile, and remit premium dollars. The round, led by nvp Capital with participation from Crystal Venture Partners, Vesey Ventures, Harel Insurance Group, Mensch Capital, and strategic angels, follows a pre-seed raise and is aimed at modernizing infrastructure that currently relies on legacy banking rails and manual workflows.
Using bank-backed accounts, payments capabilities, and embedded AI, Advance centralizes the flow from premium collection through trust accounts, carrier remittances, and producer commissions, reducing reconciliation workloads, tightening auditability, and shortening payment cycles while enabling yield on idle premium balances where regulations permit. CEO Omer Rimoch positions the company as a “GPS for insurance payments,” and investors highlight its focus on the underlying infrastructure rather than point tools, with customers reporting that the platform turns previously non-earning fiduciary funds into a revenue source and offers clearer visibility into fund flows as intermediaries face rising premium volumes, regulatory scrutiny, and operational complexity.