Insurtech Cover Genius, the global infrastructure for embedded protection, raised $100 mn from Vista Credit Partners, the credit arm of Vista Equity Partners, in a financing round that values the embedded protection company at $1.9 bn.
The new capital gives Cover Genius more room to expand its B2B2C insurance platform, deepen relationships with large digital partners and invest in AI-driven product and claims systems.
According to Beinsure, the transaction puts the company among the better-capitalised players in embedded insurance at a time when merchants want insurance products built directly into checkout, booking and account flows.
Cover Genius connects more than 200 partners with over 50 global insurance carriers. Its platform protects more than 70 mn customers at the point of sale across travel, retail, ticketing and logistics.
The company’s model differs from traditional insurance distribution. Cover Genius adjusts product design, pricing and presentation in real time based on each merchant’s customer journey and geographic mix.
Angus McDonald, Co-Founder and CEO of Cover Genius, said the company has spent more than a decade building the trust layer used by large digital companies to protect customers.
He said the new capital will help Cover Genius move faster with partners, expand its AI capabilities and support customers across more parts of their digital journeys.
Today’s raise is about broadening possibilities: moving faster, going deeper into our partnerships, and building the AI capabilities that help people move through every step of their digital journey with certainty
Angus McDonald, Co-Founder & Chief Executive Officer, Cover Genius
The company plans to use the funding across three areas.
- The first area is enterprise partner expansion. Cover Genius will invest in better technical connections with large merchants and platforms, including tools that already improve partner conversion rates.
- The second area is AI. The company wants to scale hyper-personalisation engines, agentic distribution for embedded protection and automated systems that speed up claims handling. In insurance terms, that means fewer manual steps between policy offer, purchase, claim review and payment.
- The third area is platform scale and selective acquisitions. Cover Genius wants to enter new verticals as embedded insurance moves into more digital transactions. Boston Consulting Group expects the embedded insurance market to grow from $13 bn to more than $70 bn in gross written premiums by 2030.
Cover Genius said business momentum accelerated in 2025. Revenue grew 50% year over year, while cumulative gross written sales passed $3 bn. The company also extended its reach to 240 mn policies through partners including Klarna, Revolut, Priceline, Agoda, Booking.com, Turkish Airlines and Uber.
Its protection products are also available through Amazon, eBay, Coolblue, Wayfair, Flipkart, Tongcheng Travel and Shopee, the Southeast Asian e-commerce platform.
Pete Fisher, Co-Head of Vista Credit Partners and Senior Managing Director at Vista Equity Partners, said Cover Genius has built the software infrastructure used by leading digital platforms to place protection inside customer experiences. He described embedded insurance as a large and growing market, with Cover Genius positioned near the centre of that shift.
Vista Credit Partners is proud to support innovative enterprise software companies like Cover Genius with flexible capital solutions to further establish market leadership. It has built the infrastructure layer that enables many of the world’s leading digital platforms to embed protection seamlessly into their customer experience.
Pete Fisher, Co-Head of Vista Credit Partners
“The embedded insurance market is large, structural and growing, and Cover Genius has earned its position at the center of it,” commented Pete Fisher.
According to Beinsure, the raise also shows how embedded insurance financing is moving toward platforms with carrier networks, partner distribution and claims technology in one operating system. Investors now look less at single insurance products and more at control over the transaction point, data flow and post-sale service.
Morgan Stanley & Co. acted as exclusive placement agent for the transaction.
Cover Genius operates in more than 60 countries and all 50 U.S. states. The company says it has protected more than 70 mn customers across 240 mn policies, with $3.2 bn in gross written sales.
