# Functional Finance

> Functional Finance is a San Francisco-based insurtech building the financial operations (FinOps) platform for the insurance industry. Its API-driven software automates billing, invoicing, premium collection, premium finance, payables, commissions, treasury and reconciliation for managing general agents (MGAs), wholesalers and carriers - replacing spreadsheets and manual data entry with near real-time, policy-aware money movement. Founded in 2021 by CoverWallet alumni, the company raised a $20M Series A in 2024 on the back of a 2,500% year-over-year jump in premium payment volume.

- **Founded:** 2021
- **Headquarters:** San Francisco, United States
- **Founders:** Rashmi Melgiri (CEO & Co-Founder (former co-founder & COO of CoverWallet)), Tony DeGangi (CTO & Co-Founder (former co-founder & CTO of Renew.com)), Jim Ermilio (President (former President of CoverWallet))
- **Team size:** ~23 employees
- **Products:** Billing & Invoicing, Payments & Checkout, Premium Finance, Payables & Commissions, Reconciliation & Subledger
- **Notable:** Raised $20M Series A in September 2024, led by Walkabout Ventures with Munich Re Ventures and Phil Edmundson, Grew premium payment volume more than 2,500% year-over-year, Achieved SOC 2 Type 2 certification

## Products & services

- **Billing & Invoicing** — Automated billing and digital invoicing across direct bill, agency bill and premium finance, supporting any billing module and payment plan structure.
- **Payments & Checkout** — Omnichannel, policy-aware payments with instant cash application and multi-channel premium collection.
- **Premium Finance** — Integrated premium financing and tailored payment plans embedded directly in the billing flow.
- **Payables & Commissions** — Distribution partner payables with accurate commission logic, plus treasury and market payables tied to policy events.
- **Reconciliation & Subledger** — Real-time reconciliation through a fully policy-aware subledger that feeds back to the general ledger.
- **Reporting & Analytics** — Real-time dashboards, automated statements and reporting with integrations to PAS, AMS and ERP systems.

## Achievements

- Raised $20M Series A in September 2024, led by Walkabout Ventures with Munich Re Ventures and Phil Edmundson
- Grew premium payment volume more than 2,500% year-over-year
- Achieved SOC 2 Type 2 certification
- CEO Rashmi Melgiri featured in FT Partners 'Women in FinTech' report
- Founded by alumni who built and exited CoverWallet to Aon

## Latest updates

- **2025-04** — Launched a TV/brand spot, 'For the Modern Insurance Operator.'
- **2024-09** — Closed $20M Series A led by Walkabout Ventures with Munich Re Ventures and Phil Edmundson.
- **2023** — Raised $8M seed round to expand operational efficiency tooling for insurance.

## Links

- Website: https://www.functionalfi.com
- LinkedIn: https://www.linkedin.com/company/functional-fi

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Profile page: https://yespress.io/functional-finance
Published by YesPress — https://yespress.io
Last updated: 2026-06-09