Baltic, Estonia, Financial Services, Funds, Good for Business, Internet, Technology

Cachet has been providing Latvian and Estonian drivers of ride-hailing platforms like Uber, Bolt and Yandex.Taxi with on-demand motor insurance that takes into account hours driven on platforms rather than forcing part-time drivers to pay the full price of monthly insurance.

Hedi Mardisoo, Co-founder and CEO of Cachet: “The number of people working part-time or full-time for online platforms like Uber or Airbnb has more than doubled in the last three years. COVID-related economic slowdown is bound to accelerate it further. However, platform workers are currently underserved by financial services providers. This means that platform workers often have the choice of either buying expensive full taxi driver coverage or simply not working.

Cachet’s first step has been to create an insurance product that would replace the current inflexible and thus expensive motor insurance and match the workload of ride-hailing drivers. In Latvia, the popularity of people working part-time or full-time for online platforms like Bolt and Yandex.Taxi keeps increasing and we are working hard to bring more products for Latvian drivers.

Investors of the received investment include Icebreaker.vc, Techstars, Barclays and Lemonade Stand as well as private angel investors. Cachet is a graduate of the London Barclays Accelerator, powered by Techstars.

Cachet is the financial services marketplace for online platform workers that aggregates and enriches data across sharing economy platforms to be able to offer better-priced and personalised financial services. Founded in Estonia in 2018 by Hedi Mardisoo and Kalle Palling, Cachet is a graduate of the London Barclays Accelerator, powered by Techstars. Cachet first markets are Estonia and Latvia, providing on-demand motor insurance for ride-hailing platform workers. In Latvia, Cachet is an agent of insurance company BTA.