SyndicateRoom co-founder’s stealth insurtech startup Rnwl given FCA green light

Gonçalo de Vasconcelos, the co-founder of SyndicateRoom, has revealed on YouTube that his fledgeling insurtech startup Rnwl was just granted FCA approval to launch.

Vasconcelos stepped down as CEO of SyndicateRoom in July 2019 and has since been working on a secretive insurtech startup, the development of which he has been vlogging on .

While the entrepreneur won’t be lifting the lid on his stealth startup just yet, Vasconcelos told AltFi that it’s “an InsurTech business that will use Artificial Intelligence to help consumers save money and time on their insurances.”

“For now all I can tell you is that people that sign up with Rnwl will be able to save time and money without any legwork.”

Unlike his last FCA approval with SyndicateRoom that took 18 months, Rnwl was a far speedier process getting authorisation in just 3.5 months.

“Experience makes a huge difference, so having founded, built and grown SyndicateRoom gave me a head start for Rnwl,” the founder told AltFi.

“It is very telling that the pre-seed round for Rnwl was only back in October, just 3.5 months ago, and yet we are about to launch the closed beta of the product, we’ve already got the thumbs up by the FCA, we have a brilliant team in place and we have a waiting list of people keen to try our product and gives us valuable feedback.”

Rnwl is about to launch a closed beta fairly soon to start gathering feedback and interested customers can sign up online, but for now Vasconcelos said he’s determined to keep things secret for as long as possible.