Detroit’s Signal Advisors Draws $16M to Expand Fintech Platform

Signal Advisors, a tech-enabled distributor of annuities and life insurance in Detroit, has announced a $16 million in new funding, including a $10 million Series A led by General Catalyst, a venture capital firm with offices on both coasts.
178
life insurance stock image
Signal Advisors has announced $16 million in new funding and will ues the money to extend its platform for financial advisors. // Stock photo

Signal Advisors, a tech-enabled distributor of annuities and life insurance in Detroit, has announced a $16 million in new funding, including a $10 million Series A led by General Catalyst, a venture capital firm with offices on both coasts.

The Detroit-based fintech startup also finalized a $6 million seed financing round with participation from Detroit Venture Partners, Ludlow Ventures, General Catalyst, Mercury Fund, Annox Capital, SV Angel, and others. The funds will be used to build out an end-to-end platform for independent financial advisors.

Signal will also use the new financing to invest in extending the platform from a specialized platform for annuities, to a true end-to-end platform for the independent financial advisor.

“We’ve seen a lot of capital investment in technologies that promise to replace financial advisors. But the bigger opportunity, by far, is to build technology that empowers advisors,” says Robert Mylod, managing partner of Annox Capital.

Mylod recently joined Signal Advisors’ board. In addition, he serves on the boards of Booking Holdings, Vroom, Dropbox, and Redfin, in addition to other companies.

“We started with annuities, because advisors simply don’t have great options for this technology today,” says Pat Kelly, co-founder and CEO of Signal Advisors. “But that’s just the beginning. We want to provide independent financial advisors with an integrated platform. Whatever their needs, whatever their clients need, the technology and service can provide a seamless experience.”

Today, Signal Advisors’ business model features:

  • User-friendly technology that simplifies the sale of annuities, including licensing & contracting, new business submission, in-force policy management, 1-click annual reviews, case design, commission management, and more.
  • Faster access to capital through Signal Advisor’s TruePay solution, which tracks commissions in real-time, and advances payout ahead of carrier payments. Once an advisor submits the client paperwork required to buy an annuity, Signal pays commissions within 24 hours, rather than waiting the standard 30+ days for the carrier payment.

Signal Advisors debuted its platform in August 2020, and is led by its co-founders, CEO Patrick Kelly, CTO Kevin O’Hara, and President Jacob Cohen.

“Financial services are all becoming tech-enabled, and they are converging,” says Cohen. “In the future, you might rely on your independent financial advisor for help with estate planning, taxes, or insurance. They could sell you a term life policy and refinance your mortgage. Technology will make it commonplace for one trusted advisor to provide their client with great service across many offerings.”

Kelly began his career as a financial advisor at Northwestern Mutual, until transitioning to his independent advisory firm Kelly Capital Partners.  He went on to found insurtech startup RepPro, a pioneer in electronic applications for annuities and life insurance, that was acquired by RetireUp in 2018.

O’Hara is a veteran software architect and industry-leading technologist, most recently leading software development at Bluewater Technologies and VC-backed SaaS company LevelEleven. Cohen brings his experience as a tech investor, having spent the past 10 years as a partner at Detroit Venture Partners.

For more information, visit signaladvisors.com.

Facebook Comments