Olé Life Secures $13 Million to Expand Latin American Operations
Olé Life, a Latin American InsurTech company, has secured $13 million in Series B funding, led by PayPal Ventures. This investment will enable the company to expand its operations across Latin America and introduce new financial protection products tailored to the region’s unique needs.
Founded with the goal of becoming the first fully digital life insurance provider in Latin America, Olé Life has made significant strides in addressing the gap in essential financial products that has left millions without adequate protection. The company’s platform simplifies access to these products, leveraging AI-infused technology combined with decades of insurance expertise to create tailored solutions that address the region’s challenges, including economic instability and limited access to U.S.-dollar-denominated policies.
The funding will be used to fuel Olé Life’s growth across Latin America by establishing local operations in key markets and introducing new products beyond life insurance. The company plans to launch offerings such as whole-family protection plans designed to address specific regional needs, thereby transforming how financial protection is delivered and empowering millions of families to secure their futures.
Olé Life has already demonstrated strong product-market fit and validated its unique approach to life insurance, achieving over $2 billion in total insured value and partnering with more than 4,000 distributors. The company’s commitment to financial inclusion aligns with PayPal Ventures’ mission to support innovation that drives inclusion and empowerment.
The potential insurance market in Latin America is estimated to be approximately half a trillion USD, which is 2.5 times its current size. The region’s insurance product density per capita stands at $295, significantly lower than the $7,500 in the United States, highlighting the significant room for growth and development in the region. Economic uncertainty has underscored the importance of reliable insurance products, and Olé Life’s digital-first approach positions it to set a new standard for insurance across the region.
The investment by PayPal Ventures, along with participation from Mundi Ventures, AV8, and Advent Morro, marks a pivotal step in Olé Life’s journey to democratize financial protection in Latin America. The company’s mission remains rooted in creating lasting impact, one policy at a time, as it looks to the future with a clear vision to redefine how families in Latin America approach financial security.
The funding comes at a time when demand for financial protection in Latin America is rising, and Olé Life is well-positioned to leverage its extensive network to address this growing demand. With the support of PayPal Ventures, Olé Life is poised to expand its reach and transform how financial protection is delivered, making a significant difference in the lives of millions of families across the region.
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