sureti
A fund control company that has established payment rails that omits Mortgage Lenders from participating in the flow of claims proceeds.
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| % growth | - | 380 % |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Sureti operates as a digital payments platform specifically designed for the property insurance claims industry. The company's primary function is to expedite the distribution of insurance claim proceeds, addressing a significant bottleneck in the restoration process. It serves insurance carriers, restoration contractors, and property owners by streamlining the payment workflow.
Founded by Mark Whatley, Sureti was established to solve the persistent problem of slow payment cycles in property restoration, which are often delayed because mortgage lenders are included as payees on paper claim checks. This traditional process frequently leads to cash-flow issues for contractors and delays for policyholders. The company was acquired by Checkbook, a digital payments platform, in January 2025 to create an end-to-end payment solution for the property insurance ecosystem. Since its inception, Sureti had been utilizing Checkbook's digital endorsement technology for its multi-party payment system.
The platform's core service revolves around creating digital payment rails directly to vetted restoration contractors, which allows for the removal of the mortgage lender (lienholder) from the payment process. This model mitigates the risk associated with omitting the lender from large loss claim payments. A key feature is the ability to pay contractors even before work is fully completed, a significant departure from industry norms that helps alleviate contractor cash-flow problems. The system also uses geospatial capture data to validate the release of funds. For its clients, this approach reduces claim cycle times, which can lower loss-of-use expenses for insurance carriers, and provides a more efficient experience for both contractors and property owners.
Keywords: insurtech, property claims, claims payment, digital payments, restoration contractors, fintech, insurance technology, multi-party payments, lienholder, loss-of-use, property insurance, claim proceeds, fund control, payment platform, Checkbook, Mark Whatley, insurance ecosystem, claims distribution, payment workflow, digital endorsement