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About Metromile
Industries
Fintech
Financial Services
Company Size
51-200
Company Stage
IPO
Total Funding
$429M
Headquarters
San Francisco, California
Founded
2011
Overview
Metromile offers a digital insurance platform that provides personalized auto insurance policies priced by the mile. This model allows drivers to pay based on the actual miles they drive, which can lead to significant savings—averaging 47% compared to traditional insurers. The service is particularly beneficial for urban residents, occasional drivers, and those who work from home. Metromile stands out in the competitive auto insurance market with its digital-first approach, featuring automated claims processing and smart driving tools that encourage safer driving habits. The company generates revenue through its pay-per-mile insurance model and also licenses its technology platform to other insurers. Metromile's goal is to provide a fair and flexible insurance solution that aligns premiums with individual driving behavior.
Simplify's Take
What believers are saying
- Increased telematics adoption aligns with Metromile's usage-based insurance model.
- Remote work trends make pay-per-mile insurance attractive to less frequent drivers.
- AI advancements improve Metromile's risk assessment and pricing accuracy.
What critics are saying
- Lemonade's acquisition led to layoffs, potentially affecting morale and efficiency.
- Metromile's exit from Virginia suggests regional competitive or regulatory challenges.
- A data breach settlement indicates vulnerabilities in Metromile's data security.
What makes Metromile unique
- Metromile offers pay-per-mile insurance, unlike traditional flat-rate models.
- The company uses data science for personalized, real-time auto insurance pricing.
- Metromile licenses its technology platform to other insurers, enhancing operational efficiency.
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Funding
Total Funding
$429M
Above
Industry Average
Funded Over
8 Rounds
SV Angel
First Round Capital
New Enterprise AssociatesBenefits
Stock options
Remote work options
Flexible hours
12 week paid parental leave
Well-being reimbursement
Annual Metroversary gifts
Growth & Insights and Company News
6 month growth
↓ -4%1 year growth
↓ -1%2 year growth
↓ -4%For almost all FinTechs — and especially for publicly traded firms — it has been a bumpy ride these past few years. Stock prices have been volatile. An overwhelming majority of the names tracked by the FinTech IPO Index trade with “busted” status, or below their initial offering price. Profitability remains elusive, as the cost of doing business is more expensive than it has been in decades. Sezzle CEO Charlie Youakim and Lemonade Chief Financial Officer Tim Bixby said stanching red ink on the operating line boils down to a few key principles, as they detailed in the last conversation of the continuing “Pivot to Profitability” series
Based on an insurance filing in the state of Virginia, . Metromile <i class="fa fa-info-circle company-popover" data-content="h3Metromile/h3. div
The settlement benefits individuals who received a data breach notification letter from Metromile informing them that their information may have been compromised in a data breach between July 2020 and January 2021.
Lemonade <i class="fa fa-info-circle company-popover" data-content="h3Lemonade/h3. div. table
Shortly after its acquisition of car insurer Metromile, Lemonade reportedly laid off about 20% of the Metromile staff. According to a report by Forbes, 60 Metromile employees were laid off just hours after Lemonade closed the $145m deal
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About Metromile
Industries
Fintech
Financial Services
Company Size
51-200
Company Stage
IPO
Total Funding
$429M
Headquarters
San Francisco, California
Founded
2011
There are no jobs for Metromile right now.
Find jobs on Simplify and start your career today