Zurich-backed insurance technology company Qover has secured full authorisation from the UK’s financial services regulator Financial Conduct Authority (FCA).
The insurtech stated that the licence will guarantee its continuous expansion across Europe after Brexit.
Qover added that the FCA authorisation follows seven years of business operations in the UK market and bolsters its position in both the UK and Europe.
Quentin Colmant and Jean-Charles Velge co-founded Qover in 2016 in Brussels, Belgium.
Qover allows clients to embed insurance as a native component of or as an add-on to their core offerings.
Its platform is said to provide digital insurance access to more than three million customers across 32 European nations.
Qover counts Revolut, Monese, Deliveroo, Canyon, Cowboy, ING, NIO and others as its partners.
Qover CEO and co-founder Quentin Colmant said: “Securing the FCA licence is a testament to our strong commitment to delivering excellence. We have been working diligently in the UK over the past few years, and this licence marks a pivotal moment in solidifying our positioning in the market and fuelling our growth in the years ahead.
“Additionally, we are committed to collaborating with market-leading risk carriers to protect our partners and their customers.”
Qover general counsel Caroline Hanotiau said: “This accomplishment solidifies Qover’s role as a trusted partner for businesses and their valued customers, reinforcing our commitment to delivering top-tier solutions.
“At Qover, we firmly believe in the power of collective effort. I take immense pride in witnessing our team’s dedication and customer-centric approach throughout this journey.”
In July 2023, Qover raised $30m in a Series C funding round, which was joined by Alven, Anthemis, Kreos Capital and Zurich Global Ventures.