Cover Genius, the global infrastructure for embedded protection, announced a $100 million capital raise backed by Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic financing partner focused on enterprise software. The raise values Cover Genius at $1.9 billion, marking a new chapter for the company.
Cover Genius operates a B2B2C embedded protection platform connecting 200+ partners with 50+ global insurance carriers to protect over 70 million end customers at the point of sale across travel, retail, ticketing, and logistics. Unlike traditional insurers, Cover Genius dynamically adapts product design, pricing, and presentation in real time to match each merchant’s unique customer journey and geography mix.
Cover Genius will deploy the new capital across three priorities: deepening enterprise partner relationships through enhanced integration capabilities that are already improving partner conversion rates; scaling AI capabilities including hyper-personalization engines, agentic distribution of embedded protection, and automated infrastructure for faster claims resolution; and investing in platform scalability along with selective strategic acquisitions to enter new verticals across an embedded insurance market that Boston Consulting Group projects will grow from $13 billion to over $70 billion in gross written premiums by 2030.
The raise reflects accelerated momentum. In 2025, Cover Genius grew revenue 50% year-over-year, crossed $3 billion in cumulative gross written sales, and extended its reach to 240 million policies through integrations with platforms including Klarna, Revolut, Priceline, Agoda, Booking.com, Turkish Airlines, and Uber, as well as Amazon, eBay, Coolblue, Wayfair, Flipkart, Tongcheng Travel, and Shopee. XCover, its claims management platform, earned an “Excellent” rating of 4.5 out of 5 on Trustpilot across 70,000+ verified consumer reviews worldwide. Morgan Stanley & Co. LLC served as exclusive placement agent on the transaction.
KEY QUOTES:
“We’ve spent more than a decade building the trust layer the world’s largest digital companies rely on to protect their customers.”
“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.”
Gus McDonald, Co-Founder & Chief Executive Officer, Cover Genius
“Vista Credit Partners is proud to support innovative enterprise software companies like Cover Genius with flexible capital solutions to further establish market leadership.”
“It has built the infrastructure layer that enables many of the world’s leading digital platforms to embed protection seamlessly into their customer experience. The embedded insurance market is large, structural and growing, and Cover Genius has earned its position at the center of it.”
Pete Fisher, Co-Head of Vista Credit Partners, Senior Managing Director, Vista Equity Partners
