Porch Group, Inc Provides Revenue Guidance for the Year 2021
January 15, 2021 at 02:35 am IST
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Porch Group, Inc. provided revenue guidance for the year 2021. For the year, the company expected revenue outlook from $120 million to $170 million, representing 134% year-over-year revenue growth. Porch expects approximately 25% of 2021 revenue to be from B2B SaaS fees, approximately 65% of revenue from B2B2C move-related services, which includes recurring insurance revenue, and approximately 10% of revenues from post-move services.
Porch Group, Inc. is a provider of a vertical software and insurance platform. The Company offers differentiated products and services, with homeownersâ insurance at the center of this relationship. The Company serves approximately 30,000 companies, such as home inspectors, mortgage companies, and title companies. The Company has two segments: the Vertical Software segment and the Insurance segment. The Vertical Software segment provides software and services to inspection, mortgage and title companies on a subscription and transactional basis. The segment operates several key businesses, including inspection software and services, title insurance software, mortgage software, moving services and others. The Insurance segment provides consumers with insurance and warranty products. The Insurance segment includes Homeowners of America, a wholly owned insurance carrier, Porticus Reinsurance, its Cayman Islands captive reinsurer, and Porch Warranty, among other warranty brands.