Cover Genius, an InsurTech centered around an insurance distribution platform, has raised $10 million in new financing designed to fuel hiring and further global growth.
King River Capital, a Sydney & California-based venture capital firm, led the round. The New York-based Belfer Family, London-based Jasper Tans, the Australian-based pre-IPO fund Regal Funds Management and Marinya Capital also participated.
Cover Genius said the Series B financing will help fuel its hiring plans and “continued global growth across the U.S., the U.K. and into Asia.”
Cover Genius touts its instant payments platform as providing regulated insurance policies that integrate seamlessly into online point of sale and signup paths in more than 60 countries including the United States. Cover Genius said it pays approved claims via the platform in more than 90 currencies. Cover Genius, founded by Angus McDonald and Chris Bayley, said it has worked with millions of customers to service purchase of online insurance since its 2014 launch.
Specifically, the company’s platform is targeted to companies interested in offering insurance to their customers as a part of their online purchasing experience. Cover Genius started offering its program to mobility, retail, travel and shared-economy firms in Europe. Since then it has expanded the platform to landlords, lenders, logistics and other online businesses. In 2018, it launched XClaim, an instant payments tool that enables customers to receive real time bank transfers, store credits, virtual prepaid cards, credit card top-ups and e-wallet payments in 90 currencies. The company also creates tailored insurance products for the customers of its partners.
The firm says it sells in more than 60 countries including the United States. Among its customers are Booking Holdings, Magento and Shopify.
McDonald, who is also the company’s CEO, claims the company is “evolving the insurance experience to cover all of the things [customers] care about and purchase online.”
This latest funding round follows small Seed and Series A funding rounds. The business has largely been bootstrapped and profitable since its founding, Cover Genius said.
Cover Genius operates in London, New York, Sydney and Tokyo and said some of its partners include the ecommerce company Booking Holdings. The company added it co-creates insurance products with partners.
Source: Cover Genius