Finaeo, a Canada-based insurtech startup focused on the life insurance marketplace, announced this week it secured $5.35 million through its latest investment round, which was led by Luge Capital. Founded in 2016, Finaeo’s vision is to become the digital fabric that connects and powers the life insurance industry by building a digital network of insurance carriers around the world.
“Finaeo’s digital front-end platform enables insurance advisors to sell personalized and curated life insurance products to end customers efficiently across Canada. The back-end connectivity to insurance carriers will soon enable real-time application submission, real-time adjudication and real-time application status, which will finally enable a customer-centric approach to interacting with the insurance industry. Finaeo has also developed ground-breaking technology to help insurers digitize applications, create dynamic underwriting and automate legacy systems.”
While sharing details about the development of the company, Aly Dhalla, CEO and Co-Founder of Finaeo, stated
“Over the last three years, we’ve laid the foundation. With this new injection of capital, we can take the next steps toward executing our vision of moving this industry forward. We plan to further invest in product development, customer acquisition and geographical expansion—starting with the US.”
Karim Gillani, General Partner at Luge Capital, also commented:
“The life insurance industry has been very slow to evolve. Finaeo’s mission is to build the plumbing that digitizes the insurance industry for both advisor-assisted and self-serve experiences. They’re building Amazon for insurance products, and the Finaeo team has the right pedigree to orchestrate that mission.”
Funds from the investment round will be used to continue the growth of the Finaeo’s platform.