SOSTENGO, The Salvadoran Insurtech Closes $3.8M Funding Round to Expand Digital Insurance Solutions to Underserved Markets

With an additional $1 million allocated for entering the U.S. market.

Source: contxto

Founded in 2021, SOSTENGO introduced the region’s first fully manageable, accessible, and agile automotive insurance app, enabling 70% of its current customer base to insure themselves for the first time using their smartphones.

“We are excited to continue evolving the industry and position ourselves as pioneers in the digitalization of insurance in the region. This new funding round will not only allow us to continue growing in Central America but also introduce our tailored solution to U.S. Hispanics, jointly with key investors and industry experts by our side,” said Estuardo Escobar, CEO of SOSTENGO.

Their platform allows users to quote, customize, purchase policies, report incidents, receive emergency assistance, and complete payment processes entirely via mobile, revolutionizing the traditional insurance model and promoting insurance as a vital long-term investment. LatamFintech reports that the investment round included participation from PeopleFund and established a joint operation through one of its subsidiaries.

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