San Francisco insurtech Vouch Inc. announced Wednesday that it has acquired lending startup Asabase Inc, which does business as Level, and its team of engineers for an undisclosed sum.
Level's co-founders, Vladimir Korshin and Asa Schachar, will join the Vouch team, along with two Level engineers. Level is a Richmond-based startup that helps companies that offer debt products like "buy now pay later" borrow money against the debt they are owed.
"Level's unique expertise in building and scaling underwriting systems will bring additional knowledge to our team as we continue to effectively underwrite and support complex insurance policies," said Sam Hodges, CEO and co-founder of Vouch, in a press release. "The team at Level demonstrated their ability to solve complex problems in a highly regulated space, and as we got to know them, we discovered many similarities in our vision to build a value-driven company."
Vouch has raised $160 million to date at a $550 million valuation, according to Pitchbook. The company offers insurance products to tech companies that protect them from claims, litigation and cyber attacks.
According to Vouch, the Level team will help build underwriting systems for Vouch.
