Qover, a Belgian insurtech company specializing in embedded insurance orchestration, has secured $12 million in growth capital financing from CIBC Innovation Banking as it enters its tenth year of operations.
The company reported that this latest financing brings its total funding since inception to more than $100 million.
Qover explained that it develops technology infrastructure that enables businesses to integrate insurance products directly into their digital services. Its platform is designed to help companies deliver insurance seamlessly across the customer journey while managing regulatory, operational and claims processes across multiple markets.
Founded in 2016 by Quentin Colmant and Jean-Charles Velge, Qover said it is committed to solving the complexities of cross-border insurance distribution by providing unified, technology-led solutions.
The company said it has expanded to more than 32 countries over the past decade and works with partners including Revolut, Mastercard, BMW, Monzo, bunq, Canyon and TUI brand Trust Travel.
The company stressed that the new funding is in line with broader market growth. The value of the global embedded insurance industry is expected to grow significantly, from $176 billion in 2026 to over $1.46 trillion in 2034, according to forecasts cited by Qover.
Qover reports that its platform currently serves approximately 15 million end users. It is expected that this number could reach 55 million by the end of 2026, supported by new and existing partnerships currently being rolled out.
In terms of financial performance, Qover said its revenue has tripled over the past four years, with total premium income exceeding $173 million. The company attributes this growth to growing demand from enterprises seeking integrated, scalable insurance solutions powered by automation and artificial intelligence.
Qover said the funds provided by CIBC Innovation Banking will be used to further develop its platform, continue investing in artificial intelligence capabilities and expand its operational capabilities.
Looking ahead, Qover insists its focus remains on embedding insurance more naturally into everyday products and services. The company describes its role as enabling businesses to provide protection in a way that is more accessible and consistent with how consumers interact with digital platforms.
“We started with a simple belief: that insurance could be simpler and truly cross borders,” commented Quentin Colmant, CEO and co-founder of Qover. “Ten years and 15 million users later, that belief has become a platform, and with artificial intelligence now accelerating to make possible what is 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 a reality.”
“The next decade of insurance will be defined by companies that can operate at scale without sacrificing accuracy,” added Qover general counsel Caroline Hanotiau. “AI gives us the opportunity to make compliance by design the standard, not the exception, allowing us to expand to more products and more geographies with the confidence that we are always operating at the highest level. This is how Qover will grow responsibly and achieve the scale our vision requires.”