Full-stack homeowners insuretech Slide Insurance has announced the closing of a $35 million senior credit facility with Regions Bank.
This investment strengthens the financial position of the Florida-based company, according to the announcement.
“Securing the capital structure to support our growth and technology development has been a key focus since our inception,” commented Slide founder and CEO, Bruce Lucas.
“Our start-up year has been exceptional. We appreciate the opportunity to partner with Regions Bank on our inaugural credit facility that will improve our financial position and growth goals,” he added.
This credit facility builds on Slide’s funding raised in a $105 million venture-back series A round that closed in November 2021.
Leo Loughead, head of the Financial Services Group in Regions, noted that the financial services provided by the bank reflect Regions’ strategic, consultative and relationship-based approach to client service.
He said: “The regions have a long track record of success with growth-oriented companies in the property and casualty insurance industry.
“Our work with Slide is a prime example of our team’s ability to deliver tailored capital and advisory solutions in a way that maximizes client outcomes. The regions are proud to work with Slide and look forward to to work together in the future.