Embedded insurance fintech Cover Genius has raised $100 million in a capital round backed by Vista Credit Partners, valuing the company at $1.9 billion. The financing, announced on 14 July 2026 and datelined San Francisco, follows an $80 million Series E round the company closed in May 2024.
Vista Credit Partners, a subsidiary of Vista Equity Partners, backed the raise. Cover Genius, which describes itself as the global infrastructure for embedded protection, said its partners include Klarna, Revolut, Priceline, Agoda, Booking.com, Turkish Airlines and Uber. Morgan Stanley & Co. LLC served as exclusive placement agent on the transaction.
PROCEEDS TO FUND AI AND ACQUISITIONS
The company said the proceeds would be used to deepen enterprise partner integrations, scale AI capabilities including agentic distribution of embedded protection, and invest in platform scalability and strategic acquisitions.
Chief executive Gus McDonald said: "Today's raise is about broadening possibilities: moving faster, going deeper into our partnerships, and building the AI capabilities that help people move through every step of their digital journey with certainty."
The company did not identify specific acquisition targets. In 2025, Cover Genius said, it grew revenue 50% year on year, crossed $3 billion in cumulative gross written sales and delivered 240 million policies through its partners.
FUNDING HISTORY
Cover Genius first reached a unicorn valuation with its 2021 Series C round, SmartCompany reported, and has since raised further equity, including an $80 million Series E in May 2024.
Vista Credit Partners is the credit arm of Vista Equity Partners; the company described the transaction as a capital raise and did not disclose its structure.
Founded in Sydney in 2014, Cover Genius is now based in New York.