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BFD Expert Voices - Private Credit

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Olé Life has raised $13 million in Series B funding, CEO Michael Carricarte tells Axios exclusively.

Why it matters: The company has built a fully digital platform to offer insurance products throughout Latin America.

Zoom in: PayPal Ventures led the round, which included participation from Mundi Ventures, AV8 and Advent Morro.

How it works: Launched in 2022, Miami-based Olé Life provides life insurance and other financial protection products across Latin America, including term life insurance in U.S. dollars across over 30 countries.

The company built an all-digital platform to collect customer information, assess risk and underwrite policies, enabling regional insurance agents to serve their clientele more efficiently.

"The application process takes about 10 minutes, and with about 80% of our policies, you'll know within 24 hours whether you have coverage or not," Carricarte says.

Context: Carricarte and his family have worked in the Latin American insurance industry for over 30 years.

Their previous company, Amedex, was founded in 1986 to offer major medical insurance in the region; it was acquired by private health insurer Bupa in 2005.

Between the lines: Their background enabled Olé Life to create a massive distribution network of brokers throughout the region and attract the backing of major reinsurers like PartnerRE, Munich Re and RGA.

By the numbers: Olé Life now has more than 4,000 distribution partners and over 6,000 policyholders.

It has amassed over $2 billion in total insured value since launching three years ago.

According to Carricarte, 80% of its members are first-time life insurance buyers, with an average age of 38.

What's next: Term life insurance will continue to be its primary offering, but Carricarte says Olé is beginning to offer complementary offerings like critical illness coverage and income replacement products.

With the funding, the company will expand its on-the-ground operations in Mexico and Brazil.

Exclusive: Insurtech Olé Life raises $13M

It has a fully digital platform to offer term life insurance.

Illustration of a roll of money in a life preserver. 

Olé Life has raised $13 million in Series B funding, CEO Michael Carricarte tells Axios exclusively.Why it matters: The company has built a fully digital platform to offer insurance products throughout Latin America.

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Exclusive: Insurtech Olé Life raises $13M

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