Portuguese insurtech FRANK has closed a funding round with Armilar and Start Ventures, bringing its total investment to €2.9 million. The company said the financing will support product development, customer support and preparations for international expansion in 2027.
Founded in December 2024 by António Castro, Ricardo Vallejo and Alexandre Silva, Lisbon-based FRANK develops an AI Operator for insurance agents and brokerages. The company was previously listed as a pre-seed startup in the Portugal Fintech Report 2025.
FRANK’s platform is designed to automate administrative workflows that require brokers to work across communication channels, documents and insurer systems. The AI Operator can process information received through channels such as email and WhatsApp, read documents, identify the required process, flag missing information, enter data into insurance systems and portals, and return outputs such as commercial quotes or updates on claims.
According to FRANK, its platform is now used by more than 350 insurance agencies and brokerages and over 1,500 users across Portugal. The company says the system processes around 70,000 back-office tasks each month, while brokers report saving approximately ten hours of administrative work per broker per week.
FRANK said the investment will strengthen support for its brokerage customers and fund further research and development of the AI Operator. The company is also preparing to expand internationally in 2027 after further developing its position in Portugal.
