Digital life insurance platform Amplify has raised $12m in Series A funding round jointly led by Greycroft and Crosslink Capital.

Conversion Capital, Anthemis and Transverse Asset Management also joined the fundraising round.

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Founded in 2019, Amplify allows customers to invest in public equities or alternative investments with their life insurance premiums. 

It offers a tailored plan based on customers’ financial goals, risk tolerance, and underwriting risk profile. 

Amplify co-founder and CEO Hanna Wu said: “At Amplify, we are providing millions of Americans with a financial vehicle that can help them build wealth [while protecting what matters most.]” 

After the fundraising, the platform built a leadership team by recruiting executives from insurtech and fintech platforms.

The insurtech now plans to launch a mobile app to allow customers to manage their investment portfolio and coverage details. 

Customers will also be able to use the app to manage family policies for retirement, college education, savings and legacy. 

Greycroft co-founder and partner Ian Sigalow said: “The problem with life insurance is that you never engage with the policy, which makes for a poor digital experience. Amplify figured out how to bridge the gap between insurance and fintech to create a unique and engaging consumer experience.” 

Crosslink Capital partner David Silverman said: “Crosslink invested in Amplify for a simple reason, Hanna and her team’s vision for building a very large, disruptive and important new fintech leader and our confidence in their bona fides to execute.”