Insurtech Catch App to Close Down
Posted on 03/07/2023
As venture capital pulls back in 2023, some fintechs are deciding to close down. Catch co-founder Kristen Anderson informed the public that the health and retirement benefits company called Catch Financial, Inc. is closing down. The other Co-Founder of Catch is Andrew Ambrosino. Catch operated a number of entities including Catch Capital Management, LLC; Catch Insurance, LLC; and Catch Crypto, LLC. Catch scaled its app to provide payroll and benefits for people who are self-employed. It took insurtech startup Catch almost 2 years to get approvals to sell its platform in 38 states on the federal marketplace. All Catch accounts would be closed on April 6, 2023. Catch is a financial technology company (fintech) and is not a bank.
In 2021, Catch raised US$ 12 million in a Series A round that was led by Crosslink. Other investors in the Series A round include Khosla Ventures, NYCA Partners, Kindred Ventures, and San Francisco-based Urban Innovation Fund.