Covr Financial Technologies, a Boise, Idaho-based digital, multi-carrier life insurance platform for financial institutions, raised $10m in Series A funding.
Backers included Nyca Partners, Commerce Ventures, Countour Venture Partners and Connectivity Capital Partners and new investor Allianz Life Ventures.
The company, which has raised more than $20m in total funding to date, intends to use the funds to continue to innovate and support its base of clients.
Founded in 2012 by Todd Ruplinger and led by CEO Mike Kalen, Covr provides a digital life insurance platform to protect people and their family. Through its technology, financial advisors and their customers can research and purchase affordable life insurance from insurance companies within a few minutes.
The company, which also has offices in Hartford and Austin, has a customer base, representing 20,000 financial advisors and over eight million consumers.
The Covr roster now includes numerous brokerage firms, including Morgan Stanley, along with leading consumer banks, including US Bank and SunTrust – all of which leverage either one or both of Covr’s digital advisor or consumer platforms.
The company’s Advisory Board includes:
– Chairman Brian Finn, former president of Credit Suisse First Boston;
– Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney;
– Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa;
– Brady Dougan, former CEO of Credit Suisse; Gary W. Parr, senior managing director at Apollo Global Management;
– Neal Wolin, former deputy secretary of the U.S. Department of Treasury and former executive vice president and general for The Hartford Financial Services Group;
– Robert Kerzner, President and CEO of LIMRA, LOMA and LL Global and former executive vice president, life division of Hartford Life, and
– Matt Muta, vice president, IT Innovation and Commercial Technology, Delta Air Lines, formerly Microsoft’s global managing director for Hospitality and Travel.