Amplify Life Insurance, a digital platform dedicated to helping customers build wealth through permanent life insurance, announced today that it has raised $20M in Series B funding. This new investment will accelerate Amplify’s growth and enhance its B2B partnership opportunities. Amplify remains committed to leading the industry in providing a modern, digital, and consumer-centric experience for wealth-building life insurance products.
Earlier, Amplify raised $12M in Series A funding, co-led by Greycroft and Crosslink Capital, with participation from Conversion Capital, Anthemis, and Transverse Asset Management. Amplify is the first digital platform that allows customers to invest their life insurance premiums in public equities or alternative investments, accessing tax-free returns throughout their lifetime. Customers receive customized plans based on their financial goals, risk tolerance, and underwriting risk profile. They can also choose how much of their premiums are invested in tax-efficient, high-growth investments and how much goes towards their life insurance coverage. With capabilities for expedited underwriting and policy delivery, most Amplify customers can obtain a life insurance investment policy within days without a medical exam.
Since incorporating in September 2019 and raising their seed round in January 2021, Amplify has launched their customer-facing platform in 2020 and experienced over 400% year-over-year growth, helping thousands of customers with life insurance investment plans.
“At Amplify, we are providing millions of Americans with a financial vehicle that can help them build wealth while protecting what matters most,” said Hanna Wu, Co-founder and CEO of Amplify.
Since raising their Series A, Amplify has expanded its senior leadership team with executives from major insurtech and fintech platforms such as Root, Oscar Health, and Splash Financial, as well as technical leaders from Amazon. In the coming year, Amplify plans to launch an engaging mobile application where customers can manage their investment portfolio and coverage details. Additionally, the app will allow customers to manage family policies for retirement, savings, legacy, or college education. Amplify’s vision is to create a customer-centric life insurance company with a streamlined purchasing process, health and wealth benefits, and an engaging customer experience throughout the policyholder’s lifetime.
“The problem with life insurance is that you never engage with the policy, which makes for a poor digital experience. Amplify figured out how to bridge the gap between insurance and fintech to create a unique and engaging consumer experience,” said Ian Sigalow, Cofounder and Partner at Greycroft.
“Crosslink invested in Amplify for a simple reason: Hanna and her team’s vision for building a disruptive and important new fintech leader and our confidence in their ability to execute. The Amplify team’s ambition and velocity have truly impressed us,” said David Silverman, Partner at Crosslink Capital.
