Toronto based digital-first insurance provider PolicyMe is on a mission to deliver simple and affordable insurance for Canadian families.
Today they announced the raise of a $18 million Series A funding round that will allow the fintech to expand their product offerings for Canadian families.
The funding will accelerate PolicyMe’s development of a comprehensive suite of products that will be distributed via direct-to-consumer and B2B2C channels across large membership and employee groups.
The financing round saw new investors, RGAX, Securian Financial (U.S. parent company of Canadian Premier Life Insurance Company) and SiriusPoint, join existing investors, HCS Capital and Westdale Properties. A Tier 1 Canadian bank rounds out the $18 million equity and debt financing which was raised in a series of tranches over the last year.
PolicyMe will also be launching its embedded solution later this year with two of Canada’s leading fintechs, ahead of several other launches earmarked for Q1 and Q2 2023.
PolicyMe was founded in 2018 by Andrew Ostro, Laura McKay and Jeff McKay, who experienced firsthand the inefficiencies that existed across the traditional life insurance valuation chain through their years in the insurance and tech industries.
At inception, the company first tackled distribution with the initial launch of its coverage calculator and price comparison platform, and then launched a fully underwritten digital product in March of last year with Canadian Premier Life Insurance Company.
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