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Major New Partnership with Nationwide, US Top 10 Insurer

@OndoPlc announced a new partnership with its first Top 10 Insurer partner in the US, Nationwide. Rollout begins early 2024 in one state, with further expansion expected.

Nationwide does nearly $60B of revenues, we estimate about 3.5M US based household customers.

This is a major catalyst for Ondo in our view.

Back of the envelope calculations – at $5/month service revenue, if Ondo can achieve 10% penetration across Nationwide’s household customer base this suggests revenue potential up to ~$1.75M monthly or ~$21M annually. This translates to up to ~700% growth from Ondo’s FY’23A revenue of £2.1M.

If rollout is successful, it also likely serves as a springboard for more US Top 10 partnerships.

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