Insurer Alan Hits €4 Billion Valuation With Belfius Bank Backing

French digital health-insurance startup Alan raised €173 million ($193 million) in a funding round led by Belgian bank Belfius Bank SA that values the company at €4 billion.

Belfius, Belgium’s second-biggest bank, will also switch to Alan for health insurance provision for its 7,000 employees and offer the startup’s services to its corporate customers in Belgium as part of a strategic partnership, Alan said in a statement on Friday.

The deal highlights a deepening relationship between Belfius and some of France’s buzziest startups. The bank invested in the latest funding round for Mistral AI, the French rival to OpenAI, in ...