Amplify Raises $2.5M Investment in Life Insurance for Building Wealth
Anthemis and Transverse participate in round, permanent life insurtech focused on helping people build wealth through life insurance.
San Francisco, CA (PRUnderground) July 29th, 2021
Amplify Life Insurance, a digital permanent life insurance platform, announced today it has raised $2.5M in Seed funding led by Anthemis with participation from Transverse Ventures Fund.
Started in 2019 by cofounders Qiyun Cai and Hanna Wu, Amplify’s mission is to help people build wealth through permanent life insurance. Today, the platform offers life insurance products where customers can access tax-free investments inside their policy to use for retirement, student loans, a down payment- anything they wish, meanwhile providing lifelong protection. Additionally, Amplify’s platform provides policy customization, streamlined underwriting, and an educational customer journey that caters to each unique individual’s preferences and situation.
“Permanent life insurance is traditionally sold face-to-face by commission-driven life insurance agents. Today, Amplify is taking the first step in providing a transparent and streamlined digital-first experience for consumers to purchase permanent and cash value life products. We see a huge opportunity to transform the future of life insurance by bridging health and wealth to improve the lives of millions of people.” said Hanna Wu, Co-founder and CEO at Amplify.
Millennials, strapped with lack of pensions, a dwindling Social Security, multiple market downturns, and a longer lifespan, are looking for financial security. Amplify is filling these gaps and providing peace of mind to consumers through offering life insurance policies that not only protect their families, but also allow them to save and invest their premiums at 6-8% on average tax-free that they can use however they wish. Previously a financial product utilized by the wealthy 1%, big banks, and large corporations, Amplify is democratizing access to these unique life insurance benefits to help a new generation build security and wealth.
“Anthemis is proud to back Amplify as they design and distribute permanent life insurance products that help under-served customers build wealth and health.” said Ruth Foxe Blader, Partner at Anthemis.
“We are excited to support Amplify as it looks to bring much needed innovation to the permanent life space. The Amplify team shares our vision of making the process of getting permanent life insurance simpler, faster, and personalized.” said Mark Hong, Managing Director of Transverse Ventures.
After incorporating in September 2019, Amplify raised their pre-seed round in March 2020. They released their initial customer-facing platform and began generating early revenue in January 2020. Since then, the company has submitted multiple seven figures of annual premiums and is directly contracted with several large life insurance carriers.
About Anthemis Group
Anthemis cultivates change in the financial system by investing in, growing and sustaining businesses committed to improving the world. We are founded on three guiding principles — authentic collaboration, virtuous cycle outcomes, and diversity and inclusivity — and our deep understanding of markets and models, passion for emerging technology and values inspire everything we do. By creating fertile ground for a diverse group of startups, investors, entrepreneurs, institutions, academics and visionaries to converge, we believe we can solve the financial services world’s most pressing challenges faster, better and for the benefit of all. Learn more at www.anthemis.com.
About Amplify Life Insurance
Amplify helps people build wealth through permanent life insurance. We offer customers direct access to life insurance products where customers can invest tax-free through their life insurance and access it for anything they wish, while still protecting their families. We’ve built an intelligent customer journey with frictionless policy customization, pre-underwriting, and in-force policy management.
Amplify is the first D2C platform tackling the $70B permanent life insurance industry. Founded by serial entrepreneurs with industry and technology expertise, we’ve seen significant customer demand since our launch in Jan 2020.