Embedded insurance giant Cover Genius has completed a $US100 million ($143.79 million) capital raise it says will advance its global expansion and “AI-first” platform.

The raise, backed by Vista Credit Partners, values the Sydney-founded business at $US1.9 billion ($2.73 billion).

CEO and co-founder Gus McDonald says the move 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”.

Cover Genius has spent more than a decade “building the trust layer the world’s largest digital companies rely on to protect their customers”, he says.

The funds will be spent in on “hyper-personalisation” AI engines, agentic distribution and automated claims resolution, and the company plans strategic acquisitions to enter new markets.

Cover Genius says it has delivered 240 million policies through platform integration with brands such as Uber, Priceline, Agoda, Booking.com, Klarna, Turkish Airlines, Amazon, eBay and Shopee – a retail platform in southeast Asia. It operates in more than 60 countries and has insured more than 70 million people.

It says it dynamically adapts product pricing and design in real time to suit each merchant's customer type.

Last year, revenue rose 50% and gross written sales hit $US3.2 billion ($4.6 billion).

Vista Credit Partners co-head Pete Fisher said: “The embedded insurance market is large, structural and growing, and Cover Genius has earned its position at the centre of it.”