EQT Ventures backs MarvelX with $6m to automate insurance workflows

May 13, 2025

Amsterdam-based MarvelX, a FinTech start-up focused on operational automation in financial services, has closed a $6m seed funding round to support the launch of its AI-powered platform for the insurance sector.

The round was led by EQT Ventures and joined by a group of angel investors including Jobi George (Elastic, Microsoft), Keith Grose (Coinbase, Plaid), Yana Abramova (Pretiosum), Humphrey Valenbreder (Partior, bunq), Mehdi Ghissassi (Google DeepMind), and Plug and Play.

MarvelX is developing a vertical AI agent platform aimed at automating up to 90% of operational workflows in the financial services industry, starting with insurance. Its core technology is designed to integrate with existing systems, unify operational data, and replace manual processes with intelligent, automated solutions.

The new capital will be used to expand product capabilities, refine the platform’s AI operating system, and accelerate adoption across the insurance sector. MarvelX aims to reduce operational costs, improve regulatory compliance, and deliver superior customer service for insurers through the power of generative AI and reinforcement learning.

Among its early clients is Companjon, a European embedded insurance firm. The MarvelX platform enables claims processing, fraud detection, and proactive customer communication, helping insurers increase speed and accuracy while reducing errors and delays.

MarvelX was founded by Ali el Hassouni, the former head of data and AI at neobank bunq. There, he developed a transaction monitoring system that outperformed traditional bank tools by more than double in fraud detection. This blend of technical expertise and real-world FinTech application informs MarvelX’s approach to solving persistent industry challenges.

The company’s technology offers key features such as automated document verification, real-time fraud analytics, and personalised status updates to claimants. These capabilities are aimed at improving customer satisfaction and retention while streamlining compliance-heavy processes.

MarvelX CEO Ali el Hassouni said, “EQT Ventures has experience building companies in this area. They’ve already successfully done it. We had interested parties with over 150 inbound investor approaches that we selected from but EQT Ventures’ long-term vision and track record in working with teams in this area before made it an obvious partner of choice for us. Their clear, long-term plan to support us on our growth journey resonated with us and we’re looking forward to many more successful milestones together.”

EQT Ventures partner Tom Mendoza said, “MarvelX is building a next-generation vertical AI company in one of the most operationally complex and underserved industries. Their team combines deep AI expertise with real understanding of the regulatory and data challenges insurers, banks and wealth managers face every day. We’re proud to partner with them to help transform this space.”