Insurtech Startup Inclined Raises $8M to Make Life Insurance Lending More Accessible
Inclined is helping more people unlock the value of their whole life insurance policies through a tech-driven insurtech platform once only available to the wealthy.
Inclined Secures $8M to Expand Its Insurtech Lending Platform
Inclined Technologies, an insurtech company that helps people borrow against whole life insurance policies, has raised $8 million in Series B funding. The round was led by HSCM Ventures, with participation from Northwestern Mutual and other existing and new investors. This brings Inclined’s total funding to $31 million.
The company, based in San Francisco, did not share its valuation but confirmed that this round was raised at a higher valuation than its $16.5 million Series A.
A New Approach to Insurance Lending
Inclined was launched in 2020 by Mark Shaw, Josh Wyss, and Graham Gerlach. Shaw, a tech veteran, previously co-founded Guidewire Software (which went public in 2012) and also served as CTO at Strava.
With Inclined, the founders set out to modernize the traditionally slow and complex process of borrowing against the cash value of whole life insurance. Their goal is to open up a financial strategy that was once mostly used by high-net-worth individuals.
Whole life insurance policies build cash value over time, unlike term life insurance. Policyholders can access this value through loans rather than direct withdrawals, which helps keep their policies active and their money growing.
Shaw compares it to homeownership: “It’s like owning instead of renting. There’s long-term value you can tap into.”
How Inclined’s Insurtech Model Works
Inclined’s main product is iLOC, a revolving line of credit secured by the cash value of a whole life insurance policy. The product is distributed through financial advisers working with Inclined’s partner insurance carriers, including Northwestern Mutual, MassMutual, and Guardian Life.
According to CEO Josh Wyss, the platform charges no recurring interest payments, no late fees, and no borrower fees. “People are essentially borrowing from themselves,” Wyss said.
Users commonly use this built-up value to invest, pay for education, or make large purchases such as real estate—while their insurance policies continue to grow in value. The insurtech model also allows banks to lend at lower interest rates than insurance companies typically offer.
Advertisement
Multiplier | The World's Leading Global Human Platform
Multiplier is a leading global employment platform that manages employment, payroll & compliance for International Teams. Multiplier makes it easy to hire, onboard, manage, and pay employees and contractors around the world. We offer end-to-end global employee management – All in one place!
Rapid Growth in a Shifting Insurtech Landscape
Inclined’s funding comes during a period of fluctuating investment in the insurtech sector. After peaking at nearly $19 billion globally in 2021, funding dropped to $9.5 billion in 2022 and $6.3 billion in 2023. However, the first half of 2025 has already seen $4.3 billion invested, putting the industry on track to surpass previous years.
Despite market shifts, Inclined is seeing strong traction. Since its launch, over $1 billion in credit has been issued through its platform. The company reports its annual recurring revenue has increased more than 50x since its last funding round in 2022—representing a 318% compound annual growth rate.
Inclined operates with a B2B2C model. Over 2,000 insurance advisers recommend its iLOC product, and around 3,500 policyholders actively use it. The company earns revenue primarily through fees paid by its banking partners.
Strategic Capital and Future Plans
While Inclined raised less in this Series B than it did in its Series A, Wyss explained that the company was careful about the capital it needed. “This amount will help us reach our next milestones,” he said. A key goal was also to bring Northwestern Mutual in as a strategic partner.
The funding will go toward expanding the sales team and growing the company’s engineering capabilities, according to Shaw.
Craig Schedler, VP of Venture and Corporate Development at Northwestern Mutual Future Ventures, said Inclined’s platform gives policyholders more visibility into the value of their whole life insurance. “It helps people access the living benefits of their policies and better manage their financial futures,” he said.
Inclined is using insurtech innovation to open up new financial options for everyday policyholders. By making it easier to access the value in whole life insurance, the company is turning a traditionally exclusive tool into a more inclusive and transparent form of financial empowerment.