Upcover unveils dedicated fintech insurance vertical in Australia

Upcover has launched a dedicated fintech insurance vertical in Australia, providing tailored insurance solutions for companies operating in the financial technology sector.

The new vertical is designed to address the insurance needs of fintech firms as they navigate the complexities of fast-evolving regulatory and operational environments. Upcover's offering includes access to global underwriters, such as CFC and Coalition, alongside specialised coverage and advisory support from its Special Risks team.

Tailored policies

A key feature of the launch is the provision of bespoke policies aimed at overcoming the longstanding issue facing fintechs in Australia - the limited availability of insurance products that are designed specifically for their sector. Many founders have traditionally found that generic insurance solutions do not meet the licensing, investor, or enterprise requirements of fintech businesses, which can lead to gaps in cover during critical business stages.

The initiative encompasses a broad array of fintech subsectors, including neobanking, regtech, payments, and embedded finance. Insurance types on offer include professional indemnity, cyber liability, directors and officers (D&O), technology errors and omissions (tech E&O), crime, and blockchain-specific policies. Among the firms already using these services are Cache Invest, an investment-as-a-service platform, and pet insurance fintech Fetch Pet, which is backed by Airtree.

Sector context

Australia's fintech industry is considered to be at a crucial point. FinTech Australia, the national association, has highlighted concerns about a "two-speed" market developing, in which larger firms continue to attract investment while early-stage companies struggle to secure funding and meet compliance requirements. Tailored insurance is increasingly seen as a necessity - not just for operational de-risking but also for facilitating investor relations and product launches.

Upcover Co-founder, Anish Sinha, explained the background to the product's development. "Having helped dozens of fintechs secure insurance for license applications, fundraising, and product launches, this new vertical reflects what we've already been doing - now formalised and scaled," Sinha said. "For many fintechs, getting the right coverage is a gatekeeper to growth. Whether it's passing ASIC scrutiny, impressing investors, or onboarding with enterprise partners, insurance needs to be bulletproof."

"We're not just a broker, we're a fintech company in the financial services industry too," Sinha added. "That means we understand what's at stake when founders face investor due diligence, ASIC compliance, or procurement hurdles. Insurance can't just be box-ticking, it needs to work in real-world scenarios."

According to Sinha, Upcover's digital-first approach distinguishes it from traditional insurance brokers. Its platform allows for faster quoting and underwriting, with turnaround times that the company says are often days or weeks quicker than the conventional process. Sinha said, "One in three businesses that quote with us take insurance from us - that's because we're offering coverage that actually fits their needs. It's not about selling more policies - it's about building the trust that we understand their risk and can grow with them."

Market approach

Upcover's focus on the business-to-business (B2B) commercial insurance sector means it is addressing a part of the market that has seen less digital transformation than other insurance areas, such as home and motor. With an estimated market value of $20 billion, commercial insurance in Australia is dominated by a small group of established firms and has typically relied on offline broker networks. Upcover aims to raise the sector's digital adoption through its platform and services.

Sinha noted the scale of the company's reach and the rationale behind the fintech insurance vertical. "In less than three years, we've helped more than 1% of Australian businesses find the right insurance. With our fintech vertical, we're scaling that impact. Fintech companies don't just need cover - they need partners who understand how to future-proof that coverage as they scale, go global, or evolve their business model."

Strategic plans

The company's new fintech offering also forms part of a wider strategy aimed at launching additional insurance products in high-growth, complex sectors. Upcover intends to expand its focus to embedded insurance and white-label B2B solutions in 2025, supported by a recent Series A funding round that raised $19 million.

"Digital-first solutions are the only way to match the speed and complexity of modern startups," Sinha said. "And within fintech, where risk profiles change monthly, a static insurance policy is a liability."