Cover Genius

Insurtech · Embedded Finance · AI

Funding

Cover Genius raises $100M from Vista Credit Partners at $1.9B valuation

The embedded insurance market is set to grow fivefold by 2030, and this cash goes straight into AI-driven claims and personalization.

• Cover Genius raised $100 million in a financing round led by Vista Credit Partners, the credit arm of Vista Equity Partners, valuing the company at $1.9 billion.
• Cover Genius runs a B2B2C embedded protection platform linking 200+ partners with 50+ insurance carriers, covering over 70 million end customers at checkout across travel, retail, ticketing and logistics.
• Morgan Stanley & Co. LLC acted as exclusive placement agent on the transaction, according to fintech.global.
• Funds will go toward deeper enterprise integrations, AI-driven hyper-personalization and agentic distribution, faster automated claims resolution, and selective strategic acquisitions into new verticals.
• In 2025 Cover Genius grew revenue 50% year-over-year, surpassed $3 billion in cumulative gross written sales, and now reaches 240 million policies through partners like Klarna, Revolut, and Booking.com.
• The valuation jump follows a $729 million mark from a 2021 Series C and an $80 million Series D in May 2024, bringing total funding to roughly $345 million since 2014.
• The deal signals private credit firms are now underwriting growth-stage insurtechs directly, not just buyout targets, as embedded insurance premiums are projected to grow from $13B to over $70B by 2030.