Parisian InsurTech Alan has reached a valuation of €5bn following a €100m funding round, strengthening its position as one of Europe’s most valuable insurance startups.
The round was led by existing investor Index Ventures and included new participants Greenoaks, Kaaf, SH, and strategic partner Belfius, as well as angel investors Shopify founder Tobi Lütke and French footballer Antoine Griezmann, according to InsurTech Insights.
Founded in 2016, Alan now serves more than one million customers, including employees, freelancers, and retirees. Its digital platform allows users to manage reimbursements, consult doctors, and track health and wellness activities directly through the mobile app.
“Alan has grown rapidly while maintaining a clear focus on digital health and insurance,” said Jean-Charles Samuelian-Werve, CEO of Alan. “The new funding allows us to invest further in technology and artificial intelligence, strengthening both our digital health platform and insurance capabilities. This positions us to serve more clients effectively and expand our international footprint.”
The company reported €785m (around $915 million) in annual recurring revenue (ARR) for 2025, up 53% from the previous year. It also secured a major contract to provide health insurance coverage for up to 135,000 French civil servants and their families, adding to its portfolio of private-sector clients.
Alan’s core market remains France, where it became the first new independent health insurer to receive a licence since the 1980s. It has also expanded into Belgium and Spain, serving corporate clients including HP and Volkswagen, and has entered Canada, where it is licensed in all provinces and has begun commercial operations.
Financially, the company says it has reached operational profitability in France and is approaching overall operating break-even. Alan reported net losses of $61 million in 2023 and $56 million in 2024, but losses as a share of revenue have been halved over the past year.
Looking ahead, Alan intends to prioritise international expansion and further product development, targeting $1.16 billion in ARR by 2026, even if this delays full profitability. Investor support appears strong as the company continues to scale its digital health and insurance platform globally.
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