# Rashmi Melgiri

> Rashmi 'Rush' Melgiri is the co-founder and CEO of Functional Finance, a San Francisco insurtech building the financial operations platform that automates billing, premium collection, reconciliation, and money movement for insurance operators. An MIT-trained economist, she previously co-founded and ran operations at CoverWallet, the commercial insurance startup acquired by Aon in 2020. She started Functional Finance in 2021 after living the pain of chasing money across email chains inside the insurance back office, and has since raised $36M, including a $20M Series A led by Walkabout Ventures, while growing premium payment volume more than 2,500% year over year.

- **Role:** Co-Founder & CEO at Functional Finance
- **Organizations:** Functional Finance, CoverWallet, Aon, Altman Vilandrie & Company, MIT
- **Nationality:** American
- **Education:** B.S. in Economics, Massachusetts Institute of Technology (MIT), MBA, MIT Sloan School of Management
- **Known for:** Co-founded and scaled CoverWallet, later acquired by Aon in 2020, Raised $36M total for Functional Finance, including a $20M Series A, Grew Functional Finance premium payment volume more than 2,500% year over year

## Career timeline

- **pre-2016** — Strategy consultant at Altman Vilandrie & Company, a TMT consulting firm.
- **2016** — Co-founded CoverWallet and served as COO; became its first licensed insurance advisor.
- **2017** — Named one of 42 women in tech who 'crushed it' by TechCrunch.
- **2018** — Selected for Crain's 40 Under 40.
- **2020** — CoverWallet acquired by Aon; continued driving innovation post-acquisition.
- **2021** — Co-founded Functional Finance with Tony DeGangi to fix insurance financial operations.
- **2023** — Raised an $8M seed round with Walkabout, NEA, Altai Ventures, and Starr Insurance.
- **2024** — Closed a $20M Series A led by Walkabout Ventures with Munich Re Ventures and Phil Edmundson.
- **2025** — Featured in FT Partners 'Women in FinTech' report; grew premium payment volume 2,500%+ YoY.

## Achievements

- Co-founded and scaled CoverWallet, later acquired by Aon in 2020
- Raised $36M total for Functional Finance, including a $20M Series A
- Grew Functional Finance premium payment volume more than 2,500% year over year
- TechCrunch '42 women in tech who crushed it' (2017)
- Crain's 40 Under 40 (2018)
- Featured in FT Partners 'Women in FinTech' report
- First licensed insurance advisor at CoverWallet

## Latest updates

- **2024-09** — Functional Finance closed a $20M Series A led by Walkabout Ventures, with Munich Re Ventures and Phil Edmundson participating.
- **2025-05** — Featured in industry press putting the insurance back office 'under the microscope' and detailing the FinOps platform vision.

## Links

- Website: https://functionalfi.com
- LinkedIn: https://www.linkedin.com/in/melgiri/
- YouTube: https://www.youtube.com/watch?v=qaCuR8cVyBA

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Profile page: https://yespress.io/rashmi-melgiri
Published by YesPress — https://yespress.io
Last updated: 2026-07-01