The Belgian embedded insurance orchestration platform, supporting companies like Revolut, Mastercard, BMW, and Monzo, has experienced significant growth, tripling its revenue over four years and now serving 15 million people in more than 32 countries. The company has raised over $100 million in total funding.
Qover, based in Belgium, has celebrated its tenth anniversary by securing a $12 million growth capital facility from CIBC Innovation Banking, boosting its total funding past $100 million. Founded in 2016 by Quentin Colmant and Jean-Charles Velge in Brussels, Qover covers 15 million people across over 32 countries. The company aims to reach 55 million users by the end of 2026 and 100 million by 2030.
Qover acts as an intermediary between insurance carriers and customer-facing companies wishing to integrate insurance into their offerings. Instead of developing their own insurance systems, businesses like Revolut, Mastercard, BMW, Monzo, bunq, Canyon, and TUI’s Trust Travel brand utilize Qover’s orchestration platform, a comprehensive API managing policy administration, claims processing, regulatory compliance, and customer engagement across different markets and insurance types.
The platform includes insurance sectors such as accident and health, mobility, purchase, travel, and property, operating in diverse regulatory environments. In the last four years, Qover has seen a threefold increase in revenue and processed over $173 million in gross written premiums.
The $12 million from CIBC Innovation Banking is structured as growth capital rather than equity, intended to further develop the platform, AI capabilities, and operational infrastructure. The company is implementing several partner programs, supporting its goal of 55 million users by the year’s end.
The anniversary aligns with positive trends in the embedded insurance industry. Projected by Fortune Business Insights, the global embedded insurance market is set to grow from $176 billion in 2026 to over $1.46 trillion by 2034.
Qover positions itself as a vital infrastructure for non-insurance companies, leveraging AI for efficient claims processing and compliance, facilitating rapid and reliable expansion into new products and regions. Caroline Hanotiau, General Counsel at Qover, highlighted the approach of “compliance by design,” emphasizing that AI-driven legal infrastructure enables the platform to scale across various regulatory landscapes with precision.