Capstone Partners advised OnPoint Warranty Solutions, LLC—a rapidly growing insurtech, mobile solutions, and warranty services company—on its equity capital raise with Waterfall Asset Management and Atalaya Capital Management.
OnPoint was launched by customer experience experts with proven success delivering underwriting and manufacturer warranty administration, mobile solutions, extended warranty programs, insurtech solutions, and logistics solutions to global brands. Building on a foundation of connected, multinational service networks, innovative insurance and marketing technology, and a global underwriter ecosystem, OnPoint leverage technology to reduce risk, increase efficiency, delight consumers, and improve their clients’ bottom lines.
The investment from Waterfall and Atalaya supports OnPoint’s acquisition of Guardian Protection Products, Inc.—long-standing warranty administrator for premier furniture retailers—and provides additional growth capital for OnPoint to further accelerate mobile and warranty product innovation. The funds will also be used to further enhance the company’s industry-leading, proprietary insurance technology platform: Service Avenger.
“Since 2018, we have invested in our team, operational processes, and in Service Avenger, our insurtech platform,” said OnPoint CEO, Chris Smith. “Continuous product innovation, combined with our operational expertise and the API-forward design of Service Avenger, enables OnPoint to offer OEMs, retailers, resellers, MVNOs and carriers the ability to seamlessly offer, sell and administer mobile solutions and warranty services on a plethora of consumer and commercial products and home systems. We are proud of the growth in the business and the customer relationships we have earned to date, and we are thrilled to partner with Waterfall and Atalaya, who share our vision of providing innovative technology and first-class warranty services to our customers and their consumers and homeowners.”
The Capstone team provided thorough and objective advice all along the way from positioning our company to negotiating terms through our closing process. They were always there when we needed them which allowed us to focus on our business and they provided a path forward when we encountered obstacles.
“OnPoint’s end-to-end insurance technology solutions are a unique offering in the marketplace and will serve to be a platform of choice in the home warranty space going forward,” said David Francione, Managing Director and Group Head of Fintech & Services for Capstone.
“We found a great partner in Waterfall Asset Management and Atalaya Capital for the OnPoint team. We are looking forward to seeing their continued growth domestically and internationally,” commented Khelan Dattani, Managing Director, Financial Services for Capstone.
Based in New York, Waterfall Asset Management is an SEC-registered investment adviser. Waterfall invests in asset-based credit and private equity across multiple sectors of the specialty finance and financial technology industries. As of December 2022, Waterfall had approximately $11.2 billion in assets under management.
Atalaya Capital Management is a privately held, SEC-registered, alternative investment advisory firm. Atalaya primarily focuses on making private credit and special situation investments in three principal asset classes – specialty finance, real estate, and corporate. Founded in 2006, Atalaya is headquartered in New York City and has more than $9.7 billion in assets under management and has deployed over $14 billion across 500 investments.
“We are thrilled to be partnering with Chris and Rob to support OnPoint’s long-term growth strategy,” said Gene Weil, Managing Director at Waterfall. “We believe OnPoint’s product sophistication, client-first approach to technology and service, and the addition of Guardian will continue to help differentiate the company in the marketplace.”
The expert investment banking professionals on Capstone Partners’ Financial Technology and Financial Services Team work with leading middle market companies operating in the Insurtech market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Financial Technology and Financial Services Banking Team, contact us here.
