Today
Upcover has entered into a partnership with Coalition to launch a new digital platform offering cyber insurance to small and medium-sized businesses (SMBs) and startups in Australia. The new self-serve digital insurance platform is designed to provide faster access to tailored cyber insurance coverage, reducing the typical timeframe for purchasing policies from weeks or months to just minutes. This initiative follows research indicating that a significant proportion of Australian SMBs are underinvesting in cybersecurity, exposing themselves to greater risks of data breaches and cyber attacks. According to a recent Business NSW survey, 22 per cent of small businesses and 15 per cent of medium businesses intend to cut their spending on cybersecurity management. Additionally, data from the Insurance Council of Australia highlights that only up to 20 per cent of SMBs currently have cyber insurance. Coalition's own research found that 64 per cent of SMBs believe they are too small to be targeted by cyber criminals. Self-reported data referenced in the latest Australian Signals Directorate annual report suggests that the average cost for a small business to address a cyber incident is AUD $49,600, with the figure rising to around AUD $63,000 for medium and large businesses. Market approach
Upcover said the digital insurance platform would focus on making the acquisition and management of cyber insurance more straightforward, particularly for industries dealing with sensitive information, such as Financial Services and Allied Health. Skye Theodorou, Co-Founder and Chief Executive Officer of Upcover, commented on the significance of providing easier access to cyber insurance for Australian companies:
Cybersecurity is a significant risk for Australian businesses, and it isn't going away any time soon. Through this partnership and Upcover's digital platform, we're looking to reduce the complexity involved with attaining coverage for this kind of incident. Theodorou continued:
"This builds on our existing cybersecurity offering, further reducing the complexity commonly seen with attaining this kind of coverage. We're also automating what has historically been a manual process that typically requires a lot of back and forth and can span for months, so that our specialty lines broking team can place cyber insurance for high limits and any business with a range of market-leading insurance partners. "While it makes sense for all businesses to insure themselves against cyber crime, we're aiming this product at those in Financial Services and the Allied Health industries who generally have the most to lose from a cyber attack, given the sensitive nature of the information they deal with." Trent Nihill, Head of Underwriting at Coalition Australia, commented on the partnership:
Upcover's digital-first insurance distribution platform enables us to continue protecting the unprotected. Many small and medium businesses in Australia still do not purchase cyber insurance. By using Upcover's streamlined platform, customers can now rapidly quote and bind Coalition's unique Active Cyber Insurance online. Plans for 2025
Cyber insurance will be one of several new products that Upcover plans to roll out in 2025. The company currently serves more than 60,000 businesses with its insurance platform and reports that one in three businesses receiving a business insurance quote on the Upcover platform subsequently become policyholders. The organisation expects the simplicity and cost competitiveness of digital distribution to further drive adoption. Follow us on:

Upcover & Coalition unveil digital cyber insurance for SMBs

Today
Key honours
WeMoney collected three awards, including the prominent FinTech Organisation of the Year distinction. This is the first time WeMoney has claimed the top prize, after having secured three separate Finnies in the preceding year. Primary, a finance management platform, was awarded the title Emerging FinTech Organisation of the Year. Two women, Gaby Rosenberg of Blossom App and Anna Hawter from Lumi, received the awards for Emerging FinTech Leader and Outstanding FinTech Leader of the Year, respectively. Caroline Tran of Hello Clever was named Female FinTech Leader of the Year, continuing a trend towards recognising diversity within the industry. This year's awards follow the 2021 results, when three women—Katherine McConnell, Simone Joyce, and Jill Berry—claimed top individual accolades. Award changes and new categories
The 2025 Finnie Awards introduced several new categories and consolidated some existing ones. RedOwl was announced as the first winner of the Most Innovative Application of AI in Finance Award, while PathZero received recognition for Excellence in Green FinTech and Sustainability Initiatives. Awards were distributed across a range of companies, highlighting a broad and competitive field. Other notable winners included Monoova, which collected prizes for Excellence in Industry Collaborations & Partnerships alongside Carsales, and Excellence in Payments jointly with Sniip. Upcover was awarded Best Workplace Diversity, and Block Earner received honours for Excellence in WEBe (Blockchain and Crypto). Judging and selection
The winners were chosen from a pool of 348 entries submitted across 21 categories. The judging process involved two rounds, with a new panel introduced in the second round to cross-check submissions and select category winners. This structure was designed to ensure rigour and maintain high standards in the selection process. Rehan D'Almeida, CEO of FinTech Australia said: "The Finnies play an important role in reflecting progress and achievement within Australia's fintech industry, and this year we've seen just that. To see WeMoney pick up multiple awards last year and now go on to win the top prize is reflective of the company's broader growth journey over the past 12 months, and sets a path for other fintechs in the industry to follow." "We launched the Female Fintech Leader of the Year Award several years ago to champion equality and representation in our sector. Then in 2021, we saw three women — Katherine McConnell, Simone Joyce, and Jill Berry — take home top prizes, really driving this shift home. To see this trend continue, with both Gaby and Anna surpassing all other entries in these highly competitive categories, is another key milestone for the industry and its broader push for diversity." "While we tweak the awards every year to ensure they are reflecting the ecosystem, this is the first year where we've had a much bolder overhaul -- combining categories and launching new ones. The diverse list of companies tonight receiving a Finnie is a positive sign for these changes -- also demonstrating just how tough it is to win a Finnie. This makes getting onto the finalist list a significant achievement in and of itself." "So I'd also like to extend my congratulations to those companies who made it onto the shortlist. I'd also like to congratulate all of our winners for the 2025 awards. It's a fantastic milestone for your company and a hard won achievement amid the current funding and regulatory environment. We're marking ten years of operation at FinTech Australia this year, and we're thrilled to be able to continue to support the broader ecosystem and our members as we grow our local and global footprint." Wider spread of achievements
In addition to WeMoney and Monoova, other companies such as Assurance Lab, JustFund, DAS (Digital Agriculture Services), FrankieOne, Fortiro, and Stone & Chalk received recognition for their achievements in areas including market presence, lending, insurtech, regtech, innovation, and sector support. The Finnie Awards' expansion to include new categories, such as AI and sustainability, was seen as a reflection of shifting industry priorities and advancing technology, alongside a continued focus on workplace diversity and industry collaboration. The awards night provided recognition to companies and individuals working across the fintech sector, with the shortlist regarded as a significant accomplishment given the level of competition in 2025. Follow us on:

WeMoney & women leaders shine at 2025 Finnie Awards in Sydney

Today
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." Follow us on:

Upcover unveils dedicated fintech insurance vertical in Australia

Upcover launches FinTech Vertical, Australia’s first dedicated fintech insurance vertical
Upcover launches FinTech Vertical, Australia’s first dedicated fintech insurance vertical
Upcover , Australia’s only digital-first commercial insurance provider, has launched a dedicated FinTech Vertical, delivering tailored insurance solutions for financial technology companies navigating complex, regulated environments. The offering includes access to global underwriters — CFC, Liberty and Coalition — bespoke coverage, and advisory expertise from Upcover’s Special Risks team. The launch addresses a long-standing gap in the Australian insurance market — the lack of fit-for-purpose insurance solutions for fintechs. Founders in this space often struggle to find policies that align with the technical, operational, and regulatory nuances of modern finance businesses. Off-the-shelf products typically fail to meet licensing, investor, or enterprise procurement requirements, leaving companies underinsured or exposed. The FinTech Vertical spans key subsectors — from Web3 and neobanking to regtech and embedded finance — offering professional indemnity, cyber liability, D&O, tech E&O, crime, and blockchain-specific coverage. Fintechs already leveraging the new insurance solution include investment-as-a-service provider Cache Invest and pet insurance platform Fetch Pet . “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,” said Anish Sinha, Co-Founder at Upcover . Unlike traditional brokers, Upcover brings a founder’s-eye view to the fintech space. Its firsthand experience navigating the regulatory maze enables it to offer not just quotes, but strategic advice on how insurance integrates with legal, financial, and product milestones. “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.”
Upcover’s FinTech Vertical serves companies in lending, BNPL, payments infrastructure, crypto, insurtech, wealthtech, and more. Its focus is to ensure these innovators have insurance programs that can evolve with them — across products, geographies, and investor stages. This announcement follows Upcover’s $19 million Series A raise in early 2025, aimed at expanding its digital insurance footprint across Australia’s $20 billion commercial insurance market. The company doubled its revenue last year and has helped over 1% of Australian businesses access tailored insurance solutions. Join our Newsletter:

Upcover launches FinTech Vertical, Australia’s first dedicated fintech insurance vertical

Are insurance policies providing coverage? Share
Some industry stakeholders say cyberattacks driven by artificial intelligence (AI) are presenting SMEs with increasing insurance coverage challenges. However, they also say the risk management advice brokers can give SMEs is an important defence against this growing threat. “Yes, SMEs are increasingly facing challenges when it comes to insurance coverage for AI-driven attacks, such as deepfake CEO impersonations,” said Mitch Riley-Meijer (main picture). “There is growing concern among stakeholders that cyber insurance policies are struggling to keep pace with the rapid evolution of AI-driven threats.”
Riley-Meijer is Canberra-based cyber risk and incident response manager for law firm Mills Oakley. He said while some comprehensive cyber insurance policies may cover these incidents, “many do not” and lack explicit provisions for social engineering or deepfake-related threats. “This gap in coverage can leave SMEs vulnerable, especially as AI-generated impersonation attacks become more sophisticated and harder to detect,” said Riley-Meijer. Other stakeholders agree. Skye Theodorou said cybercrime was already a significant challenge for the SMB insurance industry. However, the CEO of the insurtech, upcover, said the latest AI-powered wave has kicked this trend into “overdrive.”
This increasing risk is already being reflected in claims from SME businesses. “Perhaps we can simply say that we have paid claims arising from AI related attacks and can only expect the trend to continue to rise,” said James Crowther, head of emerging risks for Agile Underwriting Australia . Agile’s cyber offerings focus on the SME space. Arup’s deepfake scam
Riley-Meijer said the growing accessibility of AI tools means that even low-skilled threat actors can launch highly convincing and scalable attacks. “These tools can automate and enhance traditional cybercrime tactics — such as spear phishing —making them faster, more targeted and harder to detect,” he said. “For example, AI can generate personalised phishing emails or clone a person’s voice from a short audio clip, enabling attackers to convincingly impersonate trusted individuals.”
Riley-Meijer said these attacks are particularly dangerous because of their realism, speed, and scalability. The Mills Oakley expert referred to a recent example. Last year, Arup, a British design and engineering company involved in the construction of the Sydney Opera House, was targeted in a deepfake scam. One of the firm’s Hong Kong employees was deceived into paying US$25 million to fraudsters. According to a CNN report quoting police, the worker initially suspected he had received a phishing email because it specified the need for a secret transaction. Arup’s chief information officer, Rob Greig, said these sorts of attacks are happening more frequently than a lot of people realize.

How vulnerable are SMEs to deepfake cyberattacks?

Coalition serves as a provider of active Insurance in the cybersecurity domain. It offers cyber insurance products, including coverage for ransomware and email compromise, as well as cybersecurity tools and services. It serves a diverse range of sectors by providing insurance and security solutions to manage digital risks. It was founded in 2017 and is based in San Francisco, California.

Coalition

Upcover has entered into a partnership with Coalition to launch a new digital platform offering cyber insurance to small and medium-sized businesses and startups in Australia .

LawPath provides an online legal service. It offers a platform for businesses to manage legal documents and access compliance tools, along with connections to legal and accounting professionals. It serves small to medium-sized businesses. It was founded in 2013 and is based in Surry Hills, Australia.

LawPath

Blys is a mobile wellness services provider specializing in massage, beauty, and wellness treatments. The company offers a wide range of services including various types of massages, beauty treatments, and wellness activities such as yoga and meditation. Blys primarily serves individuals looking for convenient and professional spa treatments at home, in hotels, or at the workplace. It was founded in 2016 and is based in Bronte, New South Wales.

Blys

Antler

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Insurtech 50: The most promising insurtech startups of 2025

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Upcover serves as a business insurance provider that offers coverage for small businesses, startups, and independent contractors across various sectors. The company provides a variety of insurance products, including public and product liability, professional indemnity, cyber and privacy liability, and management liability. Its services aim to address legal claims and financial losses due to unforeseen events. It was founded in 2019 and is based in Sydney, Australia.

Name	Work History	Title	Status
Skye Theodorou	Antler, and Service NSW	Founder, Chief Executive Officer	Current
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Name	Skye Theodorou	Subscribe to see more	Subscribe to see more
Work History	Antler, and Service NSW	Subscribe to see more	Subscribe to see more
Title	Founder, Chief Executive Officer	Subscribe to see more	Subscribe to see more
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