Funding targets AI, integrations and platform scale
Cover Genius has raised USD $100 million in financing backed by Vista Credit Partners. The deal values the company at USD $1.9 billion.
Vista Credit Partners is a subsidiary of Vista Equity Partners. The firm focuses on flexible financing for enterprise software companies.
Cover Genius runs a B2B2C embedded protection platform. It connects more than 200 partners with more than 50 global insurance carriers and protects more than 70 million end customers at the point of sale.
The platform serves travel, retail, ticketing and logistics. Cover Genius also adjusts product design, pricing and presentation in real time for each merchant and geography mix.
Gus McDonald, co-founder and chief executive officer, said the raise will help Cover Genius move faster, deepen partnerships and build new AI capabilities.
2025 revenue and policy growth
In 2025, Cover Genius grew revenue 50% year over year. The company also passed USD $3 billion in cumulative gross written sales.
During 2025, the business extended its reach to 240 million policies. Those policies were delivered through integrations with platforms including Klarna, Revolut, Priceline, Agoda, Booking.com, Turkish Airlines and Uber.
Cover Genius products are also available through Amazon, eBay, Coolblue, Wayfair, Flipkart, Tongcheng Travel and Shopee. Shopee is a major ecommerce platform in Southeast Asia.
XCover, the company’s claims management platform, holds an Excellent Trustpilot rating of 4.5 out of 5. That score is based on more than 70,000 verified consumer reviews worldwide.
Cover Genius plans three uses for the new capital. First, it will deepen enterprise partner relationships through stronger integration tools that are already improving conversion rates.
Second, the company will expand AI features such as hyper-personalization engines, agentic distribution of embedded protection and automated claims infrastructure.
Third, Cover Genius will invest in platform scalability and selective strategic acquisitions. Boston Consulting Group projects the embedded insurance market will grow from USD $13 billion to more than USD $70 billion in gross written premiums by 2030.
Vista Credit Partners backed the financing as a strategic partner for enterprise software. Morgan Stanley & Co. LLC acted as exclusive placement agent on the transaction.
