Amplify raises $12 million for a life insurance investment platform
SAN FRANCISCO, January 18, 2022 /PRNewswire/ — Amplify life insurance, a digital life insurance platform aimed at helping customers build wealth through permanent life insurance, announced today that it has raised $12 million in a Series A financing co-led by Greycroft and Crosslink Capital. Other investors who participated include Conversion Capital, Anthemis and Transverse Asset Management.
Amplify is the first digital platform that offers clients the ability to invest in public stocks or alternative investments with their life insurance premiums, accessing tax-free returns throughout their lifetime. Amplify customers benefit from a personalized plan based on their financial goals, risk tolerance and underwriting risk profile. Clients can also customize how much of their premium goes to tax-efficient, high-growth investments and how much goes to their life insurance coverage. With built-in accelerated underwriting and policy fulfillment capabilities, most Amplify customers can get a life insurance policy in days and without a medical exam.
After incorporating into September 2019, Amplify increased its funding round in January 2021. Since launching its customer-facing platform in 2020, Amplify has grown over 400% year-over-year and has helped thousands of customers with a investment in life insurance.
“At Amplify, we provide millions of Americans with a financial vehicle that can help them build wealth [while protecting what matters most],” noted Hanna Wu, co-founder and CEO of Amplify.
Since raising its Series A, Amplify has hired a leadership team comprised of senior executives from major insurtech and fintech platforms such as Root, Oscar Health and Splash Financial, as well as technical heads from Amazon.
In the coming year, Amplify plans to launch an attractive mobile app where customers can manage their investment portfolio and coverage details, all at their fingertips. Additionally, clients can manage family policies for retirement, savings, inheritance, or college education. Amplify’s vision is to create a customer-centric life insurance company with a streamlined purchase process, health and wealth benefits, and an engaging customer experience throughout life. assured.
“The problem with life insurance is that you never engage with the policy, which makes for a poor digital experience. Amplify has figured out how to bridge the gap between insurance and fintech to create a unique customer experience and attractive,” said Ian Sigalow, co-founder and partner at Greycroft.
“Crosslink invested in Amplify for one simple reason, Hanna and her team’s vision to build a very important, disruptive and important new fintech leader and our confidence in their good faith to execute. The scale of ambition and Amplify team’s speed of execution really impressed us.” noted David Argentman, Partner at Crosslink Capital.
About Amplify Life Insurance
Amplify is the first digital permanent life insurance platform giving customers direct access to products where you access tax-efficient investment returns and get lifetime protection. It was founded by serial entrepreneurs with industrial and technological expertise who seek to modernize the $70 billion the permanent life insurance industry. Amplify offers an AI-powered educational journey, product recommendations and quotes, and real-time pre-underwriting to help customers learn more about plans and customize a policy to suit their needs. . Founded in 2019, Amplify aims to help customers achieve health and financial well-being. Based in the San Francisco Bay Area, Amplify is open to all 50 states and has served thousands of customers.
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world’s most transformative businesses. We have deep experience investing in the consumer, corporate, digital health and fintech sectors around the world and work as a team to support and advise entrepreneurs, enabling them to realize their visions. Greycroft handles more $2 billion in capital and has made more than 200 investments, including Acorns, AppAnnie, Axios, Bird, Boxed, Braintree, Buddy Media, Huffington Post, Icertis, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club and Venmo. For more information, please visit https://www.greycroft.com.
About Crosslink Capital
Crosslink, founded in 1989, is a leading venture capital firm with over $5.0 billion in assets under management. Crosslink partners with founders who disrupt the market and create categories, typically at the seed and Series A stage, in highly dynamic enterprise and consumer technology sectors. Crosslink is currently investing in its ninth seed fund ($350 million), with a strong focus on enterprise software, technology, and financial and insurance data.
Over its history, Crosslink has invested in companies such as Bleacher Report (acquired by TWX), BuildingConnected (acquired by ADSK), Chime, Coupa (NASDAQ: COUP), Omniture (acquired by ADBE), Personal Capital (acquired by Empower Retirement), Postmates (acquired by UBER), ServiceMax (acquired by GE), Vungle (acquired by Blackstone) and Weave (NYSE: WEAV).
PRESS CONTACT: Hanna Wu,6502559363,https://beamplify.com/
SOURCE Amplify Life Insurance