NFX-Backed Fintech Platform, Captain, Introduces ‘Build Now, Pay Later for Deductibles’ Solution to Help Homeowners Swiftly Finance Rebuilds after Natural Disasters

Captain, a fintech platform that helps homeowners rebuild after natural disasters by paying general contractors upfront, today announced its ‘Build Now, Pay Later for Deductibles’ feature for homeowners’ insurance deductibles. This latest offering represents another way Captain is streamlining recovery in the wake of natural disasters. 

Captain bridges the gap between policyholders, contractors, and insurance companies by advancing money to a policyholder’s contractor to pay for materials, labor, and fees associated with repairs. In doing so, policyholders can begin the repair process without waiting for the processing and insurance claims payments, meaning homeowners can rebuild in an average of 30 days compared to 180 – all without ever paying more than their deductible. 

Captain’s Build Now, Pay Later for Deductibles expands the service further by offering extended payment terms to policyholders up to 36 months for 0% interest, helping homeowners rebuild faster at no additional expense to them while making it more incentivized for contractors to take on the work. 

Traditionally, homeowners don’t have the extra cash to cover the deductible to rebuild. With ‘Build Now Pay Later,’ homeowners can now get extended terms on the deductible payment to pay contractors in order to expedite the rebuild. 

Build Now, Pay Later for Deductibles benefits all involved, including insurers, by satisfying the deductible payment at the completion of the repair work. This assurance allows insurers to process claims faster while eliminating the need to allocate valuable resources to ensuring claims are paid.

“When it comes to rebuilding after natural disasters, our goal is to work as efficiently as we can, to help families get back in their homes sooner, while not skimping on quality,” said Tobiah Rocker, Owner of Rocker Roofing LLC. “Unfortunately for contractors, that often means having to prioritize homeowners that have the ability to pay their deductible upfront. Captain has fundamentally shifted that approach with Build Now, Pay Later to ultimately instantly increase our revenue to scale operations so we can build faster.” 

“Our Build Now, Pay Later for Deductibles offering is a natural evolution to what Captain already does: advance money to the parties who need it immediately,” said Demetrius Gray, CEO and Co-founder of Captain. “It’s a win-win-win for policyholders, contractors and insurers alike, and we’re energized to take our solution one step further to make disaster recovery a little easier.” 

The ‘Buy Now, Pay Later payment plan has seen explosive growth in recent years. Nearly 56% of consumers had used Buy Now, Pay Later services in 2021, and the offering grew 85% in 15 months in 2020 and 2021. Among the service’s most celebrated benefits was that consumers could avoid credit card interest. As inflation worsens and interest rates increase, Captain’s Build Now, Pay Later for Deductibles offering will provide much needed relief for consumers on a budget. 

To learn more about Captain’s ‘Build Now, Pay Later’, solution visit landing.captainhq.com/bnpl 

About Captain:

Headquartered in San Francisco, CA, and operations in Louisville, KY, Captain provides capital to communities across the country impacted by natural disasters. Its unique approach to storm recovery ensures policyholders get their repairs done after natural disasters by advancing money to their contractors to pay for materials, labor, and fees associated with repairs — all without having to wait on their insurers. Captain was founded by meteorology entrepreneur Demetrius Gray, and is backed by leading venture capital firms NFX, GGV Capital, Max Ventures, and Red Swan Ventures. For more information about Captain, visit http://captainhq.com/

Contact Information

Merrita Llarena

PR for Captain

VSC for Captain

captain@vsc.co