(Bloomberg) -- French digital health-insurance startup Alan raised €173 million ($193 million) in a funding round led by Belgian bank Belfius Bank SA that values the company at €4 billion.
Belfius, Belgium’s second-biggest bank, will also switch to Alan for health insurance provision for its 7,000 employees and offer the startup’s services to its corporate customers in Belgium as part of a strategic partnership, Alan said in a statement on Friday.
The deal highlights a deepening relationship between Belfius and some of France’s buzziest startups. The bank invested in the latest funding round for Mistral AI, the French rival to OpenAI, in June. Both startups share a co-founder, Jean-Charles Samuelian-Werve, who is the chief executive officer of Alan and a board member and adviser to Mistral.
Alan uses technology including artificial intelligence to automate the processing of insurance claims submitted via a self-serve app, making it faster and simpler for users. It made €355 million in revenue in 2023, Samuelian-Werve said in a company blog post earlier this year.
Belfius considered developing its own digital insurance offering in-house but determined it wouldn’t be as good as Alan’s, Chief Executive Officer Marc Raisiere said in an interview.
Paris-based Alan has raised more than half a billion euros since 2021. Over the same time frame, it has grown the number of people it insures to about 650,000 across 23,000 companies in France, Spain and Belgium, Samuelian-Werve said in the statement.
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