Greycroft and Crosslink co-lead funding round on the next generation permanent life insurance platform.
Amplify Life Insurance, a digital life insurance platform focused on helping customers build wealth through permanent life insurance, announced today it has raised $12M in Series A funding co-led by Greycroft and Crosslink Capital. Other investors who participated include Conversion Capital, Anthemis, and Transverse Asset Management.
Amplify is the first digital platform that offers customers the ability to invest in public equities or alternative investments with their life insurance premiums, accessing tax-free returns throughout their lifetime. Amplify customers get a customized plan based on their financial goals, risk tolerance, and underwriting risk profile. Customers can also customize how much of their premiums are invested in tax efficient, high growth investments and how much goes towards their life insurance coverage. With built-in capabilities for expedited underwriting and policy delivery, most Amplify customers are able to get a life insurance investment policy within days and without a medical exam.
After incorporating in September 2019, Amplify raised their seed round in January, 2021. Since launching their customer-facing platform in 2020, Amplify has been growing over 400% Y-O-Y and has helped thousands of customers with a life insurance investment plan.
“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 at Amplify.
Since raising their Series A, Amplify has hired a senior leadership team of executives from major insurtech and fintech platforms such as Root, Oscar Health, and Splash Financial, as well as technical leaders from Amazon.
In the year ahead, Amplify plans to launch an engaging mobile application where customers will be able to manage their investment portfolio and coverage details, all at their fingertips. Additionally, customers can manage family policies for retirement, savings, legacy, or college education. Amplify’s vision is to build a customer-centric life insurance company with a streamlined purchasing process, health and wealth benefits, and an engaging customer experience throughout the lifetime of the policyholder.
“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 very large, disruptive and important new fintech leader and our confidence in their bona fides to execute. The Amplify team’s scale of ambition and velocity of enterprise has truly impressed us.” said David Silverman, Partner at Crosslink Capital.