Emma gets a $2 million loan from Silicon Valley Bank
Emma, a Canadian life insurance company, takes over the insurance world with a $2M loan from SVB
• In 2022, Emma, a Canadian life insurance fintech, is granted a $2 million loan from Silicon Valley Bank.
• This is after the company's announcement of a $6 million Series A earlier in the year.
• The loan will help support current operations, stimulate hiring and promote the development of new products for Emma.
Montreal, November 29, 2022 - 2022 was a big year for Emma. The Canadian life insurance fintech is today granted a $2 million loan, just months after the announcement of a $6 million Series A.
After Luge Capital, Investissement Québec and Tactico, Silicon Valley Bank, recently named among the best banking institutions in America according to Forbes, is now supporting Emma's growth and confirming, at the same time, its place among the great innovators in the country.
A news Félix Deschatelets, CEO and co-founder of Emma, is delighted with. “At Emma, our goal has always been clear: to simplify the process of buying life insurance as much as possible and to facilitate consumer access by democratizing insurance in Canada. Receiving support from credible and experienced investors and financial partners confirms that there is not only a desire to do things differently, but that Emma is the solution of choice to get there.
Karl Théard, Director, Technology Banking, Quebec for Silicon Valley Bank, is also very happy with this association. “Our team at SVB is excited to work with the team at Emma as they continue to scale and grow their insurtech innovation across Canada. Emma is leading positive change in the insurance industry, giving more Canadian families better access to tailored insurance solutions to meet their needs.”
Whether it is to support current operations, stimulate hiring or promote the development of new products, this new source of capital will undoubtedly allow the Montreal fintech to pursue its mission by revolutionizing the world of life insurance to allow families to get the coverage that's right for them, quickly and 100% online.
The company, which has enjoyed impressive growth since its launch in August 2018, recently enhanced its service offering by launching two new products, namely 10-year and 20-year term life insurance. A new platform will also be launched in January, making Emma life insurance products even more accessible to Canadians.
Founded by Félix and Jacomo Deschatelets, in Montreal, Emma is the only online life insurance offer with human and modern values. It offers a quick and easy experience, same-day coverage and affordable policies to protect Canadian families.
If you are looking for life insurance, visit emma.ca.
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank has supported innovative companies and their investors in bringing their bold ideas to life. SVB provides targeted financial services and expertise through its offices located in the largest innovation centers around the world. With commercial, international and private banking services, SVB helps meet the unique needs of innovative businesses. To learn more, visit our website: svb.com/canada