Feathery raises $30mn for financial services AI platform

Feathery has raised $30mn in total funding, including a recently completed Series A round, to expand its AI operating and decisioning system for financial services firms. The company said its platform now serves more than 300 firms in insurance and wealth management, where automation budgets are increasingly directed at regulated, data-heavy workflows.

The financing came from Portage Ventures, Index Ventures, Allstate Strategic Ventures, Clocktower Ventures, Erie Strategic Ventures and Bain Capital Ventures, according to Feathery. The company did not disclose how much of the $30mn was raised in the Series A.

Feathery positions its software as infrastructure for firms that need to handle multiple workflows across client segments, product lines and legacy systems. Rather than automating a single task, the company said its AI operating system collects and structures client information, links with major systems of record and standardises data across different parts of an enterprise.

Its decisioning system then analyses data moving through the platform, produces recommendations and feeds those findings back into operational workflows, according to Feathery. In practice, that means the system can support processes such as onboarding, account opening, insurance submissions and policy administration while continuing to use existing enterprise systems.

Peter Dun, Feathery’s co-founder and chief executive, said financial services firms face higher volumes of client data and rising expectations. He said Feathery helps firms use those pressures to improve competitiveness, personalisation and operating scale.

Workflows across wealth and insurance

Feathery said it processes tens of millions of submissions each month and that a typical client launches dozens of workflows on the platform. The company listed several use cases across its main customer categories:

• Registered investment advisers and broker-dealers use the platform for client onboarding, proposal generation, merger and acquisition transitions, account opening and account maintenance, according to Feathery.
• Insurance carriers use it for submission intake, book roll ingestion, bordereaux intake, first notice of loss workflows and portfolio analysis across lines of business, the company said.
• Insurance brokers use it for agency management system data entry, property and casualty proposals, policy checks, employee benefit guides and microsite generation, according to Feathery.

The company named Sequoia Financial, Allworth Financial and Mission Wealth among its RIA and broker-dealer customers. It also cited Tokio Marine, Hiscox and Banner Life among insurance carriers, and Baldwin Group, Hilb Group and Hylant among insurance brokers.

Stephanie Choo, general partner and co-head of Portage Ventures, said Feathery had gained enterprise customers by addressing operational and regulatory complexity in financial services. She said each workflow on the platform creates data that can improve decision-making and support further automation.

Zack Khan, Feathery’s co-founder, said the new capital will be used for products that draw on the company’s data network across clients to help firms make faster decisions and move data across workflows. Feathery did not provide a timetable for product releases or hiring plans linked to the funding.

This story draws on original reporting from Finextra Research.