Belgium-based insurtech Qover, which focuses on embedded insurance orchestration, has secured a $12 mn growth capital facility from CIBC Innovation Banking as it reaches its tenth year in business.
The company said this latest financing lifts total funding since launch to more than $100 mn.
Qover builds technology infrastructure for businesses that want to place insurance products directly inside digital services.
Its platform lets companies offer cover inside customer journeys and handle regulatory, operational, and claims processes across multiple markets through one setup.
Founded in 2016 by Quentin Colmant and Jean-Charles Velge, Qover said it started with a clear aim: cut through the mess of cross-border insurance distribution with a unified, technology-led model.
Over the past decade, the company said it has expanded across more than 32 countries. Its partners include Revolut, Mastercard, BMW, Monzo, bunq, Canyon, and Trust Travel, a TUI brand.
Qover said the new capital lands as the embedded insurance market keeps growing. Based on projections cited by the company, the sector’s value is expected to rise from $176 bn in 2026 to more than $1.46 tn by 2034.
The platform now serves about 15 mn end users. Qover expects that figure to reach 55 mn by the end of 2026, backed by new and existing partnerships now rolling out.
The company also pointed to stronger operating results. It said revenue has tripled over the past four years, and gross written premium has moved past $173 mn. Qover tied that growth to rising demand from enterprises looking for integrated insurance products built for scale, with automation and AI doing more of the heavy lifting.
Qover plans to use the CIBC facility to keep building its platform, step up investment in AI, and expand operating capacity. Straightforward enough, though the ambition is bigger.
The company said it remains focused on making insurance sit more naturally inside everyday products and services. Qover sees its role as helping businesses offer protection in ways that fit how people use digital platforms.
We started with a simple conviction: insurance could be simpler and accessible across borders, said Quentin Colmant, chief executive officer and co-founder of Qover. Ten years and 15 mn users later, he said, that idea has turned into a platform.
With AI speeding up what the company is able to do, Qover has grown more ambitious. Colmant said the target is to protect 100 mn people by 2030 by building infrastructure for a global safety net.
10 years and 15 mn users later, that conviction has become a platform, and with AI now accelerating what’s possible, we are more ambitious than ever. Our goal is to protect 100 mn people by 2030, building the infrastructure that makes a global safety net real
Quentin Colmant, CEO and Co-founder of Qover
Caroline Hanotiau, general counsel at Qover, said the next decade of insurance will belong to companies operating at scale without losing precision.
She said AI creates room to make compliance by design the standard rather than the exception, which supports expansion into more products and regions with tighter control over operating standards.
According to Beinsure analysts, that message speaks to scale, discipline, and growth without the usual noise.
