Olé Life, a Latin American insurtech company, announced that it has raised $13 million in Series B funding, led by PayPal Ventures with participation from Mundi Ventures, AV8 and Advent Morro.
Olé Life explained that is focused on redefining how families access and experience financial protection with products that “are easy to acquire and offer long-term stability.”
Olé plans to use the funding to accelerate its growth “across Latin America by setting up local operations in key markets.”
The company is poised to evolve beyond life insurance and plans “to introduce new products that address the unique needs of Latin American consumers.”
Michael Carricarte, Founder & CEO of Olé Life said:
“With the support of PayPal Ventures, we are poised to expand our reach beyond USD-denominated term life policies and introduce groundbreaking offerings, such as whole-family protection plans that address the region’s unique needs. This investment is a pivotal step toward transforming how financial protection is delivered empowering millions of families to secure their futures.”
Backed by a team of industry veterans, Olé Life has achieved significant traction over the past few years, “demonstrating strong product-market fit and validating its unique approach to life insurance.”
With over $2 billion in total insured value and over 4,000 distribution partners choosing Olé for its innovative offerings, the firm is “positioned to leverage this network to address the growing demand for insurance across the region.”
By combining AI tech with over 30 years of experience working in insurance in the region, Olé has created the formula to “understand and address the unique needs of the market, empowering families with tailored financial protection solutions.”
Alexandros Bottenbruch, Principal at PayPal Ventures said:
“Olé’s vision of democratizing financial protection aligns with our commitment to supporting innovation that drives inclusion and empowerment. We’re excited to support their journey as they enable broader access to valuable USD-denominated protection and financial savings assets for consumers throughout Latin America.”
With this investment, Olé Life is reportedly positioned to lead the transformation of the insurance industry in the region, supporting new solutions and “setting a new standard for the entire insurance industry.”
