Embedded insurance company Qover has secured full authorisation from the UK’s City regulator, the Financial Conduct Authority (FCA), which it describes as a “significant milestone”.
After seven years of active operation in the UK market, the full FCA authorisation will allow Qover to operate under a fully regulated framework. The company says the achievement will “enhance its standing in both the European and UK landscapes”.
The move will also be seen as a boon for post-Brexit Britain; the country’s decision to leave the European Union has left its economy weaker, but Qover’s decision to pursue full FCA authorisation will demonstrate, to some at least, that the UK still has a pull factor when it comes to some of the continent’s most promising insurtech startups.
The latest move comes just a couple of months after Qover raised US$30m in a Series C funding round as it continues to close the gap to sustainable profitability.
Full FCA licence ‘pivotal moment’ for Qover
Founded in Brussels in 2016, Qover has already built up a workforce of more than 100 employees, raising €70m and insuring 3m people across 32 countries. It works with longstanding partners including Revolut, Deliveroo, Canyon, and Monese.
Quentin Colmant, CEO and Co-founder of Qover, says: “Securing the FCA licence is a testament to our strong commitment to delivering excellence. We've been working diligently in the UK over the past few years, and this licence marks a pivotal moment in solidifying our positioning in the market and fuelling our growth in the years ahead. Additionally, we are committed to collaborating with market-leading risk carriers to protect our partners and their customers.”
Caroline Hanotiau, General Counsel at Qover, adds: “This accomplishment solidifies Qover's role as a trusted partner for businesses and their valued customers, reinforcing our commitment to delivering top-tier solutions. At Qover, we firmly believe in the power of collective effort. I take immense pride in witnessing our team's dedication and customer-centric approach throughout this journey.”
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