ePayPolicy, a digital payment processor for the insurance industry, announced last week that it has received a significant investment from Serent Capital, a private equity firm with offices in Austin and San Francisco.

Austin-based ePayPolicy, founded in 2014, did not disclose the amount of the investment. The company plans to use the investment to accelerate its growth, according to a news release.

ePayPolicy provides an easy-to-use, end-to-end solution with integrations into the most widely used agency management systems

ePayPolicy allows agencies and others in the insurance industry to implement electronic payments in days, dramatically reducing the number of paper checks they process while also simplifying their accounting reconciliation with automated data entry.

 ePayPolicy has more than 2,300 customers and it processes more than $2 billion in payments annually

“This investment from Serent is a game-changer in our ability to take our product to the next level in user experience, product offerings, and service enhancements. We’re already the preferred electronic payments solution for 27 state associations and are excited to now bring our product to the rest of the country,” Todd Sorrel, Co-Founder of ePayPolicy, said in a news release.

“ePayPolicy’s customer references and satisfaction scores are some of the best we’ve ever seen. We knew immediately this was a team that knew how to create outstanding products,” Kevin Frick, Partner at Serent Capital, said in a news release. “We’re incredibly excited to partner with Todd and Milan to expand ePayPolicy’s market reach and continue to drive exceptional value for their customers.”

ePayPolicy is Serent Capital’s 9th payments investment and 10th investment in the insurance market. Serent previously invested in Diamond Mind, Real Green Systems, KEV Group, and Payliance. Serent has also been active in the insurance market with investments in Intygral, Next Gear Solutions, Senior Dental Care, and Aftermath.