Qover Raises $12M to Scale Its Global Insurance-as-a-Service Platform
Belgian fintech Qover has secured $12 million in fresh funding from CIBC Innovation Banking. The investment will help expand its 'Insurance-as-a-Service' platform, which already protects 15 million customers worldwide. The company aims to reach 55 million users by the end of this year and 100 million by 2030. Founded in 2016, Qover has grown from a small startup into a mid-sized insurtech firm with around 150 to 200 employees. Its API-first platform simplifies the insurance process, covering everything from product design to claims handling. Major brands like Revolut, Mastercard, Monzo, bunq, and BMW already use Qover's embedded insurance solutions.
The latest funding brings Qover's total investment to over $100 million. These funds will boost its orchestration platform, AI tools, and operational systems. The company has also partnered with Willis, a WTW business, to offer flexible, scalable insurance programmes for businesses and insurers across Europe. The embedded insurance market is set for rapid growth, projected to rise from $176 billion in 2026 to over $1.46 trillion by 2034. Qover's technology aims to reduce complexity for institutions while maintaining full control over insurance programmes.
With its latest funding and strategic partnerships, Qover is positioning itself as a key player in the expanding embedded insurance sector. The company's platform now supports millions of users, with plans to scale further in the coming years. This growth aligns with broader industry trends as digital insurance solutions become more widely adopted.
