Embedded insurance platform Qover has secured a $12m growth capital facility from CIBC Innovation Banking, bringing its total funding since launch to more than $100m.
The financing comes as the Brussels-based insurtech marks its 10th anniversary and continues expanding its embedded insurance infrastructure across Europe and international markets.
Founded in 2016 by Quentin Colmant and Jean-Charles Velge, Qover provides orchestration technology that enables companies to embed insurance directly into their digital products and services. The platform currently supports programmes for partners including Revolut, Mastercard, BMW, Monzo, bunq, Canyon and Trust Travel, a brand of TUI, across more than 32 countries.
Qover said its platform now protects around 15 million users and expects that number to reach 55 million by the end of 2026, driven by new partner programmes currently being implemented.
The company has also recorded threefold revenue growth over the past four years and generated more than $173m in gross written premiums through its embedded insurance programmes.
The new funding will support continued investment in Qover’s orchestration platform, artificial intelligence capabilities and operational infrastructure as the company scales its embedded insurance offering.
Quentin Colmant, CEO and co-founder of Qover, said, “We started with a simple conviction: insurance could be simpler and truly accessible across borders. Ten years and 15 million users later, that conviction has become a platform. With AI accelerating what’s possible, we are more ambitious than ever. Our goal is to protect 100 million people by 2030, building the infrastructure that makes a global safety net real.”
Caroline Hanotiau, General Counsel at Qover, added, “The next decade of insurance will be defined by the companies that can operate at scale without sacrificing precision. AI gives us the opportunity to make compliance by design the standard, not the exception.”
The company said the financing comes as the embedded insurance market continues to expand rapidly, with forecasts suggesting global embedded insurance volumes could exceed $1.4tn by the next decade.
