O
ver the past decade, few fintech startups have been able to disrupt the insurance business, perhaps due to the hefty sums required to compete in the industry and the worsening effects of extreme weather and climate change. Yet four insurtech companies made impressive progress in 2024, using technology to make insurance work better and faster at lower costs, and claiming spots on our Fintech 50 list for 2025.
Home insurer Kin, based in Chicago, made our list for the third straight year. To keep costs and rates low, instead of employing insurance agents, it sells policies digitally and directly to consumers in 11 states. In 2024, Kin expanded into three new states and grew its customer base to 160,000 policyholders, up from 115,000 the year prior, while its revenue rose 35% to $140 million. It began selling policies in California in November 2024, but as of January 2025, the company said, it had only a handful of policies near the areas of the devastating wildfires.
Nine-year-old life insurer Ethos expanded particularly rapidly over the past year, selling 301,000 life insurance policies in 2024, up from 193,000 the year prior. It uses predictive technology to quote term life insurance rates in as little as 10 minutes and requires no medical exam for most consumers. Ethos takes on none of the financial risk–it partners with carriers like Legal & General America that shoulder the risk of claims. Last year, it launched a “return of premium” (ROP) product, which comes at an additional cost and lets policyholders recover up to 100% of their unused premiums at the end of a 25 or 30-year policy. Ethos’ revenue grew 60% to $256 million in 2024, and the company says it turned a profit on a generally accepted accounting principles (GAAP) basis.
Cyber insurance, where companies offer coverage against incidents like hacks and email fraud, continues to be an insurance category where startups have made a bigger dent. Coalition, the largest startup offering cyber insurance and proactive monitoring tools with over 90,000 policyholders, partners with traditional carriers and reinsurers to write insurance, retaining about 10% of the financial risk. In 2024, it continued to expand internationally with its launch in Germany, and its revenue exceeded $300 million.
Fellow cyber insurer At-Bay has more than 53,000 small and midsize businesses as customers. Last year, it brought in $155 million in revenue and pushed deeper into security technology with its managed detection and response product, which monitors customers’ physical computers and provides dedicated customer support for detecting threats. That product grew from fewer than 1,000 customers in 2023 to 7,500 customers by the end of 2024, reaching $13 million in annualized revenue, the company says.
Here are the four insurance companies that made the Fintech 50 in 2025:
At-Bay
Headquarters: San Francisco, California.
Provides cybersecurity insurance to more than 53,000 small and midsize businesses to protect against everything from ransomware and social engineering attacks to privacy infractions. It retains 15% of the insurance risk, passing on the rest to big insurers. In 2024, it pushed deeper into security technology with its managed detection and response product (which customers pay extra for) that monitors their physical computers and provides dedicated customer support for detecting threats. That product grew from fewer than 1,000 customers in 2023 to 7,500 customers by the end of 2024, reaching $13 million in annualized revenue, the company says.
Funding: $292 million from Lightspeed Venture Partners, Khosla Ventures and Shlomo Kramer, among others.
Latest valuation: $1.35 billion.
Date of last valuation: October 2021.
Bona fides: In 2024, it brought in about $155 million in revenue, up from $129 million in 2023.
Cofounders: CEO Rotem Iram, 44, a former captain in the Israeli Military Intelligence; chief risk officer Roman Itskovich, 42; Etai Hochman, 37; Tilli Kalisky, 47.
Coalition
Headquarters: San Francisco, California.
As the largest startup offering cyber insurance and proactive monitoring tools with over 90,000 policyholders, Coalition insures against incidents like cyberattacks, email scams and accidental privacy violations. It partners with traditional carriers and reinsurers to write insurance, retaining about 10% of the financial risk. In 2024, it continued to expand internationally with its launch in Germany, and it grew its customer base for its managed detection and response product that helps customers monitor their own security to 85 companies.
Funding: $770 million from Valor Equity Partners, Allianz X and T. Rowe Price, among others.
Latest valuation: $5 billion.
Date of last valuation: July 2022.
Bona fides: In 2024, revenue exceeded $300 million, and its total base of customers, including both paying and non-paying customers of its security software products, rose to 165,000.
Cofounders: CEO Joshua Motta, 41, a former CIA analyst and Goldman Sachs investment banker; John Hering, 42, also the founder of Lookout.
Ethos
Headquarters: Austin, Texas.
Uses predictive technology to quote term life insurance rates in as little as ten minutes through its app and then verifies applicants’ self-reported data with their actual medical and pharmacy records, requiring no medical exam for most buyers. The policies Ethos sells, designed specifically for its platform, have level premiums lasting for 10 to 40 years and cap out at $3 million in coverage. Ethos takes on none of the financial risk–it partners with carriers like Legal & General America and Ameritas Life Insurance Corp. In 2024, it sold 301,000 policies, up from 193,000 the year prior. It also launched a “return of premium” (ROP) product, which comes at an additional cost and lets policyholders recover up to 100% of their unused premiums at the end of a 25 or 30-year policy.
Funding: $400 million from Sequoia, Accel and GV, among others.
Latest valuation: $2.7 billion.
Date of last valuation: July 2021.
Bona fides: $256 million in net revenue in 2024, up from $160 million in 2023. It also turned a profit in 2024 on a generally accepted accounting principles (GAAP) basis, the company says.
Cofounders: CEO Peter Colis, 35, and CTO Lingke Wang, 34, were roommates at Stanford Business School when they hatched Ethos.
Kin Insurance
Headquarters: Chicago, Illinois.
In a bid to keep costs and rates low, it sells home insurance policies digitally and directly to consumers in 11 states (Alabama, Arizona, California, Florida, Georgia, Louisiana, Mississippi, South Carolina, Tennessee, Texas and Virginia), instead of employing a network of insurance agents. The insurance company itself is structured as a co-op owned by policyholders, with Kin taking 32% of premiums as a management fee. Reinsurance covers about 50% of the risk. In 2024, Kin expanded into three new states and grew its customer base to 160,000 policyholders, up from 115,000 the year prior. It began selling policies in California in November 2024, but as of January 2025, the company said, it had only a handful of policies near the affected areas of the devastating wildfires.
Funding: $280 million from QED Investors, Hudson Structured Capital Management and August Capital, among others.
Latest valuation: $1.1 billion.
Date of last valuation: January 2024.
Bona fides: In 2024, Kin revenue grew to $140 million, up from $104 million in 2023.
Cofounders: CEO Sean Harper, 44, who previously cofounded ecommerce startup FeeFighters, which was acquired by Groupon in 2012; Lucas Ward, 42, a cofounder and former CTO of fraud analytics startup Rippleshot.
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