Qover has secured $12m growth capital from CIBC Innovation Banking, taking its total funding beyond $100m since launch.
The Belgium-based insurtech, established in 2016 by Quentin Colmant and Jean-Charles Velge, develops embedded insurance orchestration solutions and operates in more than 32 countries.
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The newly secured funding will be used to further develop its orchestration platform, enhance artificial intelligence capabilities and strengthen operational infrastructure.
Qover CEO & co-founder Quentin Colmant 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.”
Its platform underpins insurance programmes for partners such as Revolut, Mastercard, BMW, Monzo, bunq, Canyon and Trust Travel, a TUI brand.
Qover said it currently covers around 15 million users and aims to reach 55 million by the end of 2026, supported by a pipeline of partner programmes in development.
Over the past four years, the company reported a threefold increase in revenue and more than $173m in gross written premium (GWP).
According to Qover, the facility signals sustained investor backing for its business model and long-term expansion plans as it scales internationally.
Qover general counsel Caroline Hanotiau added: “AI gives us the opportunity to make compliance by design the standard, not the exception, allowing us to expand into more products and regions with the confidence that we’re always operating at the highest level.”
Earlier this month, Willis, part of WTW, entered a partnership with Qover to build its GB Affinity technology platform.
The collaboration is intended to address demand from UK businesses for integrated insurance offerings delivered at the point of sale.
