Amplify Raises USD2.5 Million Investment in Life Insurance for Building Wealth
Amplify Life Insurance, a digital permanent life insurance platform, has announced it has raised USD2.5 million 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, the firm explained in a press release.
“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.
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