Fintech investor Portage Capital Solutions has taken a minority stake in insurance solutions group Xceedance.

Xceedance says the investment means it has now raised about $US100 million ($154 million) in capital comprising equity and debt.

“In Portage, we have found an investor aligned with our long-term vision, cultural values and commitment to innovation,” founder and CEO Arun Balakrishnan said. “This investment not only strengthens our capital base but also connects us to Portage’s exceptional ecosystem in the insurance, technology and broader financial services markets, unlocking meaningful synergies that will help accelerate our growth.”

Xceedance says the capital will support its expanding portfolio of AI-enabled products and the acquisition of insurance-focused service providers.

Portage Capital Solutions co-head and general partner Dan Ballen says Xceedance has established itself as a “best-in-class” partner to small, innovative insurers and some of the largest, most trusted names in the industry.

“We’re thrilled to be partnering with Arun and the full Xceedance team on the next stage of their growth and look forward to helping them execute on their ambitious long-term vision,” he said.