InsurePay, a Sarasota, Fla.-based workers’ compensation administration and insurance premium billing platform for insurance providers, completed a $5m Series A financing.

The round was led by Fintop Capital with participation from other strategic industry investors. In conjunction with the funding, Joe Maxwell, managing partner at Fintop Capital, and Rick Holton, general partner at Fintop Capital, will join the InsurePay board.

The company intends to use the funds to expand its sales and marketing efforts, accelerate product investments, and support the addition of new, veteran personnel to the team.

Led by Adam Beck, president and CEO, InsurePay delivers solutions that calculate workers’ compensation premiums based on actual payroll data, rather than estimated annual payroll amounts, resulting in more accurate premium payments each pay cycle. By utilizing a Software-as-a-Service (SaaS) model and connecting with many of the top insurance carriers in the industry, the company enables insurance providers to offer a Pay-As-You-Go (PayGo) billing solution for workers’ compensation policyholders.