Qover secures $12 million in a growth funding round led by CIBC.

      The Belgian embedded insurance orchestration platform Qover, which supports Revolut, Mastercard, BMW, and Monzo, has seen its revenue triple over the past four years and currently serves 15 million people in over 32 countries. Its total funding has surpassed $100 million.

      Qover is celebrating its tenth anniversary with a $12 million growth capital facility from CIBC Innovation Banking, which brings its total funding raised since its inception to over $100 million. Founded in Brussels in 2016 by Quentin Colmant and Jean-Charles Velge, the company aims to protect 55 million users by the end of 2026 and reach 100 million by 2030.

      Qover operates between insurance carriers and consumer-oriented companies that wish to integrate insurance as a native feature within their offerings. Companies such as Revolut, Mastercard, BMW, Monzo, bunq, Canyon, and TUI’s Trust Travel brand leverage Qover’s orchestration platform, a single API that manages policy administration, claims processing, regulatory compliance, and customer experience across various markets and types of insurance.

      The platform encompasses accident and health, mobility, purchase, travel, and property insurance in regions with differing regulatory conditions. Over the last four years, Qover has achieved threefold revenue growth and processed over $173 million in gross written premiums.

      The $12 million facility from CIBC Innovation Banking is designed as growth capital, not equity, and will support ongoing investments in the orchestration platform, AI capabilities, and operational infrastructure. The company has a robust pipeline of partner programs being implemented, which supports its target of 55 million users by year-end.

      This anniversary occurs at a favorable time for the embedded insurance sector. As reported by Fortune Business Insights, the global embedded insurance market is expected to increase from $176 billion in 2026 to over $1.46 trillion by 2034. Qover aims to be the underlying infrastructure that drives this growth for non-insurance firms, utilizing AI in claims processing and compliance to facilitate quicker and more reliable expansion into new products and regions. Caroline Hanotiau, General Counsel at Qover, described this approach as “compliance by design,” suggesting that an AI-driven legal framework enables the platform to scale across various regulatory landscapes while maintaining accuracy.