Life insurance platform Amplify Life Insurance has raised $2.5m in seed funding which will be invested in product development and hiring an executive team.
The funding round was led by venture investor platform Anthemis with participation from Transverse Ventures Fund.
Launched in 2019 by co-founders Qiyun Cai and Hanna Wu, Amplify’s platform offers life insurance products with support through its own consultants where customers can access tax-free investments inside their policy.
Commenting on the additional funding, Hanna Wu, co-founder and CEO at Amplify, said: “Amplify is taking the first step in providing a transparent and streamlined digital-first experience for consumers to purchase permanent and cash value life products.
“We see a huge opportunity to transform the future of life insurance by bridging health and wealth to improve the lives of millions of people.”
When asked by Health & Protection how the additional funding will be used, Wu added: “We will be utilising the funds for investments in tech and to continue our 20-30% month-on-month growth.
“We have product roadmap that includes breakthroughs in underwriting for permanent life insurance which sets the foundation for further expansion.
“Additionally, we are hiring an onboarding an executive team.”
Ruth Foxe Blader, partner at Anthemis, said: “Anthemis is proud to back Amplify as they design and distribute permanent life insurance products that help under-served customers build wealth and health.”
Mark Hong, managing director of Transverse Ventures, added: “We are excited to support Amplify as it looks to bring much needed innovation to the permanent life space. The Amplify team shares our vision of making the process of getting permanent life insurance simpler, faster, and personalised.”