Qover secures $12M in a growth funding round from CIBC.

      The Belgian platform for embedded insurance orchestration, which supports companies like Revolut, Mastercard, BMW, and Monzo, has seen its revenue triple over the past four years and now serves 15 million individuals across over 32 countries. Total funding has surpassed $100 million.

      Qover, this Belgian platform, is celebrating its tenth anniversary with a $12 million growth capital facility from CIBC Innovation Banking, bringing its total raised funding since its inception to over $100 million. Founded in Brussels in 2016 by Quentin Colmant and Jean-Charles Velge, the company currently protects 15 million people in more than 32 countries and aims to reach 55 million users by the end of 2026 and 100 million by 2030.

      Qover operates as a bridge between insurance providers and consumer-driven companies that wish to integrate insurance as a core aspect of their offerings. Instead of creating their own insurance infrastructure, companies such as Revolut, Mastercard, BMW, Monzo, bunq, Canyon, and TUI’s Trust Travel brand utilize Qover’s orchestration platform, which is a comprehensive API that manages policy administration, claims processing, regulatory compliance, and customer experience across a variety of markets and insurance types.

      The platform spans accident and health, mobility, purchase, travel, and property insurance, functioning in markets with diverse regulatory conditions. In the last four years, Qover has achieved threefold revenue growth and has processed over $173 million in gross written premiums.

      The recent $12 million facility from CIBC Innovation Banking, which is the technology-focused lending branch of the Canadian bank CIBC, is structured as growth capital instead of equity, aiming to support ongoing investments in the orchestration platform, AI functionalities, and operational infrastructure. The company has a robust pipeline of partner programs in development that supports its target of 55 million users by the end of this year.

      The anniversary coincides with favorable trends in the embedded insurance sector. According to Fortune Business Insights, the global embedded insurance market is expected to grow from $176 billion in 2026 to over $1.46 trillion by 2034. Qover is positioning itself as the foundational infrastructure enabling this growth for non-insurance companies, leveraging AI in claims processing and compliance to facilitate quicker and more reliable expansion into new products and regions. Caroline Hanotiau, General Counsel at Qover, articulated the approach as “compliance by design,” asserting that an AI-driven legal framework enables scalable operations across various regulatory landscapes without compromising accuracy.