London fintech “revamping insurance for young people” raises £1m seed funding

Urban Jungle, a London-based fintech start-up that wants to “revamp insurance for young people”, has raised £1m in seed funding- following backing from a range of angel investors.

Led by Rob Devey, ex CEO of Prudential UK and HBOS insurance, who also acts as the start-up’s board advisor, the funding round also included a number of the early investors and fellow fintech business Funding Circle, the investment group Octopus, and insurtech firm Bought By Many.

Looking to target the UK’s fast-growing population of renters and house sharers, Urban Jungle uses a range of modern tech such as smartphone-first design and machine learning to improve risk scoring – a process it hopes will prevent young people from being excluded in the home insurance market.

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