Cover Genius Raises USD $100M Backed by Vista Credit Partners, Reaching USD $1.9 Billion Valuation as it Advances AI-First Platform and Global Expansion

Accelerating the AI roadmap and next era of embedded protection

SAN FRANCISCO--(BUSINESS WIRE)--Cover Genius, the global infrastructure for embedded protection, today announced a USD $100M capital raise, backed by Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic financing partner focused on enterprise software. The raise values the business at USD $1.9 billion, advancing a new chapter for the company.

Cover Genius operates a B2B2C embedded protection platform that connects 200+ partners with 50+ global insurance carriers to protect over 70 million end customers at the point of sale across travel, retail, ticketing and logistics. Unlike traditional insurers, Cover Genius dynamically adapts product design, pricing, and presentation in real time to match each merchant's unique customer journey and geography mix.

“We’ve spent more than a decade building the trust layer the world’s largest digital companies rely on to protect their customers. Today’s raise is about broadening possibilities: moving faster, going deeper into our partnerships, and building the AI capabilities that help people move through every step of their digital journey with certainty,” commented Gus McDonald, Co-Founder & Chief Executive Officer, Cover Genius.

Cover Genius will deploy the capital across three priorities. First, deepening enterprise partner relationships through enhanced integration capabilities, which are already improving partner conversion rates. Second, scaling AI capabilities: hyper-personalization engines, agentic distribution of embedded protection, and automated infrastructure for faster claims resolution. Third, investing in platform scalability and selective strategic acquisitions to drive entry into new verticals across an embedded insurance market that Boston Consulting Group projects will grow from $13 billion to over $70 billion in gross written premiums by 2030.

The raise reflects accelerated momentum. In 2025, Cover Genius:

• Grew revenue 50% year-over-year.
• Crossed USD $3+ billion in cumulative gross written sales.
• Extended its reach to 240 million policies, delivered through integrations with many of the world’s leading digital platforms, such as Klarna, Revolut, Priceline, Agoda, Booking.com, Turkish Airlines, and Uber. Also available at Amazon, eBay, Coolblue, Wayfair, Flipkart, Tongcheng Travel, and Shopee, a leading ecommerce shopping platform in Southeast Asia.
• Earned an 'Excellent' rating of 4.5 out of 5 on Trustpilot for XCover, its claims management platform, across 70,000+ verified consumer reviews worldwide.

“Vista Credit Partners is proud to support innovative enterprise software companies like Cover Genius with flexible capital solutions to further establish market leadership. It has built the infrastructure layer that enables many of the world's leading digital platforms to embed protection seamlessly into their customer experience. The embedded insurance market is large, structural and growing, and Cover Genius has earned its position at the center of it," commented Pete Fisher, Co-Head of Vista Credit Partners, Senior Managing Director, Vista Equity Partners.

Morgan Stanley & Co. LLC served as exclusive placement agent on this transaction.

Notes to editors:

ABOUT COVER GENIUS

Cover Genius is the global infrastructure for embedded protection. Active in over 60 countries and all 50 US States, it protects the customers of the world’s largest digital companies, including Klarna, Revolut, Stripe, Priceline, Agoda, Booking.com, Turkish Airlines, Tongcheng Travel, eBay, and Uber, with seamless, end-to-end experiences. Cover Genius has protected more than 70M customers globally across 240M policies with USD $3.2BN in gross written sales. For more information, visit covergenius.com.

ABOUT VISTA CREDIT PARTNERS

Vista Credit Partners is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner that specializes in enterprise software. Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 700 transactions since its inception.

As of March 31, 2026, Vista Credit Partners has grown to over $8.2 billion of assets under management. Since its formation in 2013 and as of March 31, 2026, Vista Credit Partners has deployed over $16.2 billion. For more information, please visit www.vistacreditpartners.com.