Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
PolicyMe Raises $30M to Expand Digital Insurance Products
Financing | April 18, 2025
Image: Freepik
PolicyMe Announces $30M CAD to Shake Up Digital Insurance in Canada
On April 16, 2025, Toronto-based digital insurance provider PolicyMe confirmed that they raised $30 million CAD through a mix of equity and debt financing between 2023 and 2025, bringing a total of $51 million CAD funding to date. The new funding round was led by Blue Cross Life Insurance Company of Canada and Securian Canada, and included support from existing investors RGAX, HCS Capital, Westdale Properties, and others.
See: Insurance Industry Sitting on Treasure Trove of Big Data, As Regulators Wrestle Data Privacy
Andrew Ostro, CEO & Co-Founder of PolicyMe:
“We’ve seen tremendous success over the past three years. At PolicyMe, we’re not just growing—we’re revolutionizing the insurance journey and setting a new standard for a customer-centric experience. By balancing digital speed with human support, we give customers the choice between a fully online process or advisor guidance, making coverage truly seamless.”
Over $10 Billion in Life Coverage Sold, AI on the Roadmap
In just the past few years since closing an $18 million Series A round in 2022, PolicyMe has sold more than $10 billion in life insurance coverage, has grown its annual premium sales by more than 5.5x, and team to 100 employees.
The insurtech provides a end-to-end digital platform for policy quoting, underwriting, and issuance all in one place, enabling partners to launch insurance products in as little as 3 to 6 months with a B2B2C distribution model.
See: Fintech Fridays EP41: 40% pandemic growth, taking risks and innovating Insurtech in Canada
The funding will help PolicyMe to expand its product suite and technology, as they grow beyond term life insurance to add new digital health and dental insurance products, especially for self-employed and gig economy workers (more than 7.3 million Canadians, many without access to health or protection plans). PolicyMe aims to close this gap with affordable and accessible insurance, and also plans to invest in artificial intelligence to improve the efficiency and personalization of its platform.
Tim Mawhinney, President & CEO of Blue Cross Life:
“At Blue Cross Life, our purpose is to improve the well-being and financial security of Canadians through innovative insurance solutions. By leveraging PolicyMe’s end-to-end digital platform, we’ve simplified what can be a complex process into something Canadians can complete in just minutes.”
Read:
2023 Canadian Insurtech: What You Need To Know
InsurAce Founder at DeFi Insurance Protocol Explains the Difference between Traditional and Decentralized Insurance
Why It Matters
Insurtech's are finally winning over traditional insurance companies who are often said to be the most conservative sector in financial services. With $30M in new funding, AI-driven tools, and broader distribution, Canadians can finally look forward, flexible, affordable and inclusive financial protection standards and digital insurance products that work for all sectors in real life.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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