Olé Life, supported by PayPal investments, focuses on redefining financial protection for families in Latin America by offering simple digital insurance products designed for long-term stability.
Olé Life, a leading Latin American InsurTech company, has secured $13 million in a Series B funding round led by PayPal Ventures, with participation from Mundi Ventures, AV8, and Advent Morro.
With the fresh capital infusion, Olé Life plans to accelerate its growth by establishing local operations in key markets across the region. Additionally, the company aims to diversify its offerings beyond life insurance, introducing products tailored to the unique financial and economic needs of Latin American consumers, including whole-family protection plans.
“Olé’s vision of democratizing financial protection aligns with our commitment to supporting innovation that drives inclusion and empowerment. We’re excited to support their journey as they enable broader access to valuable USD-denominated protection and financial savings assets for consumers throughout Latin America.”
Alexandros Bottenbruch, Principal at PayPal Ventures
Founded by Michael Carricarte, Olé Life has achieved significant traction during its four years of operations, achieving over $2 billion in total insured value and attracting a network of more than 4,000 distribution partners.
In 2023, the startup raised $12 million in a Series A funding round co-led by Mundi Ventures and AV8 Ventures with the participation of Morro VC and other strategic investors.
The firm’s ability to secure funding from such notable investors highlights its strong growth prospects and the increasing demand for innovative, tech-driven solutions in the Latin American insurance market. Latin America has one of the lowest insurance penetration rates in the world, at just 1.3%. Furthermore, only 15% of Latin American adults who can afford life insurance actually have such a policy, compared to 52% of adults in the U.S.
The company combines AI technology with over 30 years of experience in the insurance industry to understand and address the unique needs of the market identified based on vast data, empowering families with tailored financial protection solutions. Olé Life uses AI to offer personalised coverage options, improve customer experience, and streamline operations to serve a larger customer base efficiently.
The backing of Olé Life is not the first PayPal investment into regional insurtech startups. Thus, in 2024, the payment leader supported Qoala, an Indonesian insurtech, in its $47 million Series C funding round.
