Olé Life, a Latin American InsurTech company, has raised $13 mn in Series B funding, led by PayPal Ventures. The company provides a fully digital platform for life insurance, offering customers a streamlined way to access financial protection.
Founded by Michael Carricarte, is redefining how families access and experience financial protection with products that are easy to acquire and offer long-term stability
Olé plans to use the funding to accelerate its growth across Latin America by setting up local operations in key markets. The company is poised to evolve beyond life insurance and plans to introduce new products that address the unique needs of Latin American consumers.
The investment will support Olé Life’s expansion across the region, enabling it to enter new markets and broaden its product portfolio beyond core life insurance solutions.
With over $2 bn in insured value and a network of more than 4,000 distribution partners, Olé Life is well-positioned to meet the region’s growing demand for insurance.

The funding will also allow the introduction of new products, including whole-family protection plans tailored to Latin American families. This aligns with Olé Life’s mission to transform financial protection delivery in the region.
As the first fully-digital life insurance product in Latin America, this funding is a testament to the incredible progress we’ve made in building a platform that resonates with our customers. This investment is a crucial step toward empowering millions of families to secure their futures
Michael Carricarte, CEO Olé Life
“With PayPal Ventures’ support, we aim to expand beyond USD-denominated term life policies and launch innovative offerings like whole-family protection plans to address the region’s unique needs,” said Michael Carricarte.
Olé Life’s innovative approach combines artificial intelligence technology with over 30 years of regional insurance experience. This strategy enables the company to offer tailored financial protection solutions that address the unique needs of Latin American consumers.
“We have been registered in the United States since 2019 (Jurisdiction: Puerto Rico) and are legally authorized as an international insurer (Class 5 license), which allows us to sell to residents of LATAM and the Caribbean, complying with the standards and practices of insurers in the United States and our regulator, which belongs to the National Association of Insurance Commissioners (NAIC),” said Michael Carricarte.
Reinsurers guarantee each issued policy, the payment of the benefit for the entire contracted term, and approve and supervise underwriting process.
Additionally, AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Olé Insurance Group Corp I.I. (Olé Insurance) (San Juan, Puerto Rico). The outlook assigned to these credit ratings is stable.
The successful funding rounds and strategic partnerships position Olé Life to lead the transformation of the insurance industry in the region, pioneering new solutions and setting a new standard for financial protection.