Buckle, a digital financial services company for the gig economy, has completed a $15-million upsizing of its term loan with participation from Siguler Guff & Company LP along with existing lender Hudson Structured Capital Management Ltd, conducting its re/insurance business as HSCM Bermuda.

The company said this increases the total to $35 million.

Buckle said proceeds of the deal provide capital to support the company’s distribution of its signature gig insurance products and the significant growth of business on its carriers, along with the company’s strategy of utilising a portfolio of reinsurance partnerships across all programmes.

This transaction brings the total capital raised by Buckle to date to approximately $115 million, the company said.

“Today’s announcement underscores Buckle’s unique ability to attract participants in this emerging segment and validates our distinctive approach as we advocate for the economic independence of our drivers,” said Marty Young, chief executive officer of Buckle.

“The recent expansion of our gig product across Maryland and Nevada, as well as our ongoing support of our members helps us bolster the success of these drivers.”

Rachel Bardon, partner and chief actuary at HSCM Bermuda, said: “Our ongoing relationship with Buckle has gone from strength to strength, and we are pleased to provide additional surplus capital to Buckle as they achieve their vision and growth.”

Buckle said it is making insurance affordable and easy to obtain for ride-share and delivery drivers by addressing gaps in conventional policies that leave gig workers underinsured.

The company also partners with firms that support other transportation audiences to align the efforts of stakeholders across the insurance ecosystem.

Buckle’s growth trajectory includes planned expansion across insurance and credit products as well as additional partnerships as it expands nationwide in the United States.

Serving the vital, rising middle class, Buckle said, it protects drivers covering personal, ride-share and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Postmates, Caviar and more.