Qover, a Belgium-based insurtech company specialising in embedded insurance orchestration, has secured a $12 million growth capital facility from CIBC Innovation Banking as it marks its tenth year in operation.
The company reports that this latest financing brings its total funding to more than $100 million since its founding.
Qover explains that it develops technology infrastructure that enables businesses to integrate insurance products directly into their digital services. Its platform is designed to help companies offer insurance seamlessly within their customer journeys, while managing regulatory, operational, and claims processes across multiple markets.
Established in 2016 by Quentin Colmant and Jean-Charles Velge, Qover states that it set out to address complexity in cross-border insurance distribution by providing a unified, technology-led solution.
Over the past decade, the company says it has expanded its footprint across more than 32 countries, working with partners such as Revolut, Mastercard, BMW, Monzo, bunq, Canyon, and Trust Travel, a TUI brand.
The company highlights that the new funding aligns with broader market growth. According to projections cited by Qover, the global embedded insurance sector is expected to increase significantly in value, rising from $176 billion in 2026 to more than $1.46 trillion by 2034.
Qover reports that its platform currently serves around 15 million end users. It anticipates this figure 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 indicates that it has tripled its revenue over the past four years and generated more than $173 million in gross written premium. The company attributes this growth to rising demand from enterprises seeking integrated, scalable insurance solutions supported by automation and artificial intelligence.
Qover states that the capital provided by CIBC Innovation Banking will be directed toward further development of its platform, continued investment in AI capabilities, and expansion of its operational capacity.
Looking forward, Qover maintains that its focus remains on embedding insurance more naturally into everyday products and services. The company describes its role as enabling businesses to offer protection in a way that is more accessible and aligned with how consumers interact with digital platforms.
“We started with a simple conviction: insurance could be simpler and truly accessible across borders,” commented Quentin Colmant, CEO and Co-founder of Qover. “Ten years and 15 million 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 million people by 2030, building the infrastructure that makes a global safety net real.”
“The next decade of insurance will be defined by the companies that can operate at scale without sacrificing precision,” added Caroline Hanotiau, General Counsel at Qover. “AI gives us the opportunity to make compliance by design the standard, not the exception, allowing us to expand into more products and more regions with the confidence that we are always operating at the highest level. That’s how Qover will grow responsibly and at the scale our vision demands.”
