The Belgian embedded insurance orchestration platform, which backs Revolut, Mastercard, BMW, and Monzo, has tripled revenue over four years and now covers 15 million people across 32+ countries. Total funding crosses $100 million.
Qover, the Belgian embedded insurance orchestration platform, is marking its tenth anniversary with a $12 million growth capital facility from CIBC Innovation Banking, taking total funding raised since inception to over $100 million.
The company, which was founded in Brussels in 2016 by Quentin Colmant and Jean-Charles Velge, now protects 15 million people across more than 32 countries, and has set targets to reach 55 million users by end of 2026 and 100 million by 2030.
Qover’s model sits between insurance carriers and the consumer-facing companies that want to offer insurance as a native feature of their products.
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Rather than building their own insurance infrastructure, companies like Revolut, Mastercard, BMW, Monzo, bunq, Canyon, and TUI’s Trust Travel brand plug into Qover’s orchestration platform, a single API that handles policy administration, claims management, regulatory compliance, and customer experience across multiple markets and insurance types.
The platform operates across accident and health, mobility, purchase, travel, and property insurance, in markets with varying regulatory environments.
Over the past four years, Qover has achieved 3x revenue growth and processed more than $173 million in gross written premium.
The $12 million facility from CIBC Innovation Banking, the technology-focused lending arm of Canadian bank CIBC, is structured as growth capital rather than equity, and will fund continued investment in the orchestration platform, AI capabilities, and operational infrastructure.
The company has a strong pipeline of partner programmes currently in implementation, which underpins its 55 million user target for the end of this year.
The anniversary also comes at a tailwind moment for the embedded insurance sector. According to Fortune Business Insights, the global embedded insurance market is projected to grow from $176 billion in 2026 to over $1.46 trillion by 2034.
Qover is positioning itself as the infrastructure layer that makes that growth possible for non-insurance companies, deploying AI across claims processing and compliance to make expansion into new products and regions faster and more reliable.
Caroline Hanotiau, General Counsel at Qover, described the strategy as “compliance by design,” arguing that AI-driven legal infrastructure is what allows a platform to scale across regulatory environments without sacrificing precision.
