A new UK-based startup, Lateral, has successfully secured $3.4 million in seed funding to transform health and wealth management for the over-60s demographic. Founded by insurtech veterans Laura Ashforth and Steven Mendel, the company aims to address a significant gap in the market with tailored financial and healthcare products. The investment, led by Augmentum with support from Triple Point and TinyVC, will directly support the rollout of its inaugural offering.
Addressing an Underserved Market
Lateral is targeting a substantial and growing market, with over 14.5 million people in the UK currently over the age of 60, a figure set to exceed 17 million by 2040. This demographic is increasingly driving a $2.18 billion self-pay healthcare market, often navigating complex systems with little formal guidance. The company's mission is to provide the structured support and clear options that this active and financially independent generation requires.
Experienced Leadership at the Helm
The venture is spearheaded by two leaders with proven track records in building high-growth technology companies. Co-founder Laura Ashforth previously served as Managing Director at the insurtech unicorn Zego, while co-founder Steven Mendel is renowned for co-founding the pet health unicorn ManyPets. Their combined expertise across insurance, technology, and wealth management provides a formidable foundation for Lateral's ambitious goals.
Introducing the Lateral Health Plan
The company's first product, the Lateral Health Plan, is specifically designed for individuals in their 60s and 70s who lead active lives. It uniquely combines financial cover for private healthcare, preventative wellness benefits, and a dedicated care navigation service into a single policy. This innovative plan is structured to complement the NHS rather than replace it, ensuring affordability and accessibility for members.
A Focus on Navigation and Transparency
Central to the plan is a nurse-led navigation service that empowers members to make informed decisions about their care. Run by qualified case-management nurses, the service offers personalized support to help users understand diagnoses and explore the best treatment pathways available. This patient-centric approach is coupled with a commitment to simple and transparent pricing, a key differentiator in the market.
A New Perspective on Later Life
Lateral's philosophy directly challenges the outdated industry perception of aging, as co-founder Steven Mendel explained. For too long, insurers have viewed people over 60 as immobile and high-risk, ignoring their modern, active lifestyles. The company is built on the belief that retirement is a chance to do more, not less, empowering individuals to proactively manage their well-being.
With its substantial seed funding and a clear strategy, Lateral is well-positioned to make a significant impact on the later-life planning market. The combination of experienced leadership and an innovative product tailored to a large, underserved demographic signals strong potential for growth. By integrating health navigation with financial planning, Lateral could set a new standard for supporting individuals in their retirement years.