Qover raises $12 million

Embedded insurance startup Qover announced a $12 million growth capital facility from CIBC Innovation Banking, bringing total funding raised to over $100 million.

Founded in 2016, the Belgian company supports insurance programs for brands including Revolut, Mastercard, BMW, Monzo, bunq, Canyon and Trust Travel (a TUI brand), across 32+ countries. Over the last four years, Qover has achieved 3x revenue growth with a total of over $173 million of GWP.

“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, and with AI now 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.” – Quentin Colmant, CEO and Co-founder of Qover.

“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, allowing us to expand into more products and more regions with the confidence that we are always operating at the highest level. That’s how Qover will grow responsibly and at the scale our vision demands.” – Caroline Hanotiau, General Counsel at Qover.