London-based Instanda, which offers insurers a no-code core infrastructure to deploy and orchestrate product portfolios, raised a $45M Series B led by Toscafund
Dan Taylor / Tech.eu :
Context & Ripple Effects
This round is the payoff to a slow build: Instanda raised its $19.5M Series A back in March 2020 on the claim of being the insurance industry's first no-code business platform, and two years later Toscafund is leading a $45M Series B to fund the same thesis at scale — letting insurers deploy and orchestrate entire product portfolios without writing code.
The raise also fits a visible pattern in the corpus: no-code tooling for regulated industries keeps attracting nine-figure-adjacent capital, from Tines' extended Series B for security-team automation to 10x Future Technologies' $187M Series C retooling banks' tech stacks. Insurance core systems are the next incumbent stack being unbundled.
First-order effects
- Instanda gets the capital to move beyond its UK base and onboard more insurers onto its no-code core, with Toscafund — a sector-focused investor — now anchoring the cap table.
- Insurers evaluating core-system replacements gain a funded alternative whose pitch is deployment speed: build and launch products in-house rather than waiting on traditional vendor implementation cycles.
Second-order effects
- Legacy insurance core-platform vendors face pricing and delivery pressure as buyers benchmark against no-code time-to-launch, forcing configurability into their own roadmaps.
- The playbook generalizes across financial services: the same investor appetite that backed Tines in security automation and 10x in banking now extends to insurance, pulling more no-code entrants into regulated verticals.
Third-order effects
- If the pattern holds, core infrastructure in insurance consolidates around configurable platforms where business teams — not IT — assemble products, shifting vendor competition from feature depth to orchestration breadth.
- No-code stops being a category label and becomes the default procurement criterion in regulated industries, with each large raise (Instanda, Tines, 10x) hardening buyer expectations that incumbents must match.
The trend: No-code infrastructure platforms are raising progressively larger rounds across regulated industries — security, banking, and now insurance — as incumbents' legacy cores become the thing being replaced.