By Riley Kaminer
When Michael Carricarte launched Olé Life, his vision was clear: to redefine how families in Latin America approach financial security.
Now, that vision is coming into sharper focus as the Miami-based insurtech announced that it has secured $13 million in Series B funding, led by PayPal Ventures with additional participation from Mundi Ventures, AV8, and Advent Morro.
Olé Life began with the goal of becoming the first fully digital life insurance provider in Latin America. The company’s platform simplifies access to essential financial products, addressing a gap that has long left millions without adequate protection.
“This funding is a testament to the incredible progress we’ve made in building a platform that resonates with our customers,” said Carricarte, who emphasized the company’s commitment to empowering families with long-term stability.
In just a few years, Olé Life has insured over $2 billion in total value and partnered with more than 4,000 distributors. The company attributes this growth to its ability to understand and address the unique needs of Latin American families. Combining AI-infused tech with decades of insurance expertise, Olé Life has created tailored solutions that speak directly to the region’s challenges – rom economic instability to limited access to U.S.-dollar-denominated policies.
This funding will enable Olé Life to further expand its operations across Latin America while launching new financial protection products. Carricarte, Olé Life’s CEO and a Miami native who co-founded the company with his brothers Andrew and Brian, hinted at offerings like whole-family plans designed to address specific regional needs.
“With the support of PayPal Ventures, we’re poised to expand our reach and transform how financial protection is delivered,” he said. “This investment is a pivotal step in empowering millions of families to secure their futures.”
For PayPal Ventures, the decision to lead the round was driven by a shared commitment to financial inclusion.
“Olé’s vision of democratizing financial protection aligns with our commitment to supporting innovation that drives inclusion and empowerment,” Alexandros Bottenbruch, Principal at PayPal Ventures, said in a statement.
Bottenbruch added that Olé’s focus on USD-denominated policies and savings products has the potential to unlock financial opportunities for underserved communities across the region.
This investment comes at a time when demand for financial protection in Latin America is rising. The potential insurance market in Latin America is estimated to be approximately half a trillion USD, which is 2.5x its current size. Meanwhile, McKinsey notes that insurance product density per capita in Latin America stands at $295, which is significantly lower than the $7,500 in the United States, highlighting the significant room for growth and development in the region.
Economic uncertainty has underscored the importance of reliable insurance products, and Olé Life’s digital-first approach positions it to set a new standard for insurance across the region.
As the company looks to the future, its mission remains rooted in creating lasting impact, one policy at a time.
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