French health insurance startup Alan has raised €173 million (approximately $193 million) in a Series F funding round led by Belfius, one of Belgium’s largest banks. The deal, which also includes a distribution partnership, pushes Alan’s valuation to $4.5 billion. Existing investors, including Ontario Teachers’ Pension Plan (via Teachers’ Venture Growth), Temasek, Coatue, and Lakestar, also participated in the funding.

Alan, known for its digital-first health insurance products that complement the French national healthcare system, has gained traction by optimizing the user experience. Its offerings include automated claim management, where reimbursements are processed quickly, sometimes within minutes of a doctor’s visit. The startup has also expanded its services beyond insurance, incorporating features such as online doctor consultations, ordering prescription glasses, and providing preventive care content on mental health and physical wellbeing via its app.

The new partnership with Belfius is expected to expand Alan’s presence in Belgium. Belfius will offer Alan’s health insurance products to its corporate and institutional clients, which could translate into millions of new customers. The partnership represents a significant step in Alan’s growth strategy outside of France, helping the company broaden its user base and improve product accessibility.

Alan’s co-founder and CEO, Jean-Charles Samuelian-Werve, emphasized the importance of the partnership, stating that it would enable Alan to accelerate development and reach a wider audience. In the past few months, the company has added 150,000 new customers, including the French Prime Minister’s office, and expects its annual recurring revenue to reach €450 million ($500 million) by year-end.

While Alan’s business model differs from typical software-as-a-service (SaaS) companies, with much of its revenue earmarked for insurance claims, the startup continues to show steady growth. Its customer base now exceeds 650,000 people, and the company has plans to use artificial intelligence to further enhance productivity and streamline services. Despite the complexities of balancing insurance claims and revenue, Alan’s momentum remains strong.