San Francisco-based Amplify Life Insurance, a digital platform that is redefining wealth-building through permanent life insurance, announced that it has raised $20 million in its Series B funding round.
The round was co-led by Crosslink Capital and Anthemis, with participation from new investors Moneta Ventures and Evolution Ventures. Existing backers Greycroft, Munich Re Ventures, and Foxe Capital also continued their support.
Founded in 2019, Amplify offers customers the ability to build tax-efficient wealth through life insurance premiums, granting access to the policy’s cash value for any purpose while the policyholder is alive.
By prioritizing a customer-first experience, Amplify is transforming the conventional life insurance model, making permanent life insurance accessible to a broader audience, including businesses seeking tax-efficient cash management solutions.
The company said the fresh capital will enable it to launch the first in a suite of proprietary products designed to meet customer demands. These products will not only enhance the customer experience but also improve the company’s unit economics, it added.
Furthermore, Amplify plans to strengthen its strategic efforts in B2B channels.
In line with its growth strategy, Amplify has appointed two new board members: Michelle Cheung, former CFO of Next Insurance, and Mark Williamson, former COO of Masterclass.
Their expertise is expected to drive the company’s upcoming development and expansion.
“Our unique approach provides customers with a simple, digital experience while offering more transparent and liquid life insurance wealth products,” said Hanna Wu, founder and CEO of Amplify. She added:
We cater to a younger, mass affluent market looking to build long-term, tax-efficient wealth while protecting their families and assets. This expansion underscores the growing demand for innovative financial solutions that prioritize customer needs and promote flexible long-term wealth accumulation.
Amy Nauiokas, Founder and CEO of Anthemis, said Amplify is challenging the notion that permanent life insurance can only be sold through traditional agents.
“We believe Amplify is strengthening the entire life insurance value chain by offering direct access to an underserved customer segment,” she said.
Since its Series A funding, Amplify claimed to have achieved a 200% year-over-year growth. The company has also developed a proprietary machine-learning model for accurate customer lifetime value prediction and ranking.
This advanced customer acquisition algorithm has enabled Amplify to attract high-value customers, resulting in significantly higher average premiums per policy compared to industry norms.
Amplify said its innovative approach and recent funding position it well to continue its mission of making permanent life insurance a key component of wealth-building for a new generation of consumers.