French health insurance startup Alan has reached a valuation of $4.5 billion following a new funding round led by Belfius, one of Belgium’s largest banks. This Series F round raised €173 million (approximately $193 million), with participation from existing investors including Ontario Teachers’ Pension Plan, Temasek, Coatue, and Lakestar.

Founded to provide health insurance that complements France’s national healthcare system, Alan has optimized its services to offer a superior user experience compared to traditional providers. The company automates claims management, allowing customers to receive reimbursements within minutes of leaving a doctor’s appointment.

In addition to health insurance, Alan has expanded its offerings to include telemedicine, prescription glasses, and preventive care resources through its mobile app. Recently, it has also integrated AI to enhance productivity.

Alan reports over 500,000 individuals covered by its products and anticipates reaching profitability without needing additional funding. The new partnership with Belfius aims to broaden its customer base in Belgium, allowing the bank to offer Alan’s insurance products to its corporate clients, representing millions of employees.

Jean-Charles Samuelian-Werve, Alan’s co-founder and CEO, expressed optimism about the partnership, stating it opens the door for significant growth in Belgium. Since February, Alan has gained an additional 150,000 customers, including clients at the Prime Minister’s office in France, and projects its annual recurring revenue to hit €450 million (around $500 million) this year.

Despite being a unique player in the software-as-a-service landscape, with most revenue earmarked for insurance claims, Alan’s rapid expansion shows no signs of slowing down.