Lateral raises £2.5M to support healthcare and financial wellbeing for people over 60

The funding round for the UK-based startup, Lateral, was led by fintech investor Augmentum, with support from Triple Point and TinyVC.

Lateral believes there is a clear gap in the market, as more than 14 million people in the UK are over 60 and often lack clear guidance on healthcare and financial wellbeing. The company currently has a team of nine people.

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The funds will be used to launch Lateral’s first offering, the Lateral Health Plan. This product brings together private healthcare financial cover, care navigation, and health-focused benefits into a single policy.

A key feature of the plan is a nurse-led navigation service that helps users make better healthcare decisions. The service supports both NHS and private care, offering personalised guidance to help members understand their condition and choose the most suitable treatment options.

The founders say the plan will stand out for its simple and transparent pricing. Lateral was founded by Laura Ashforth, former managing director at insurtech unicorn Zego, and Steven Mendel, co-founder and former CEO of pet health unicorn ManyPets.

Ashforth said: “We’re on a mission to empower over 60s to live well for longer, helping them navigate the complicated world of retirement by offering them an affordable range of products expertly created just for them.

“Many people find the health system increasingly hard to navigate as they get older. Lateral is designed to help members understand their options and make informed choices about care, while also embedding evidence-based preventative approaches, such as an annual health check, to support proactive engagement with their health.”

Mendel, executive chair, added: “People are living longer and with more active lives, yet the systems designed to support them haven’t kept up. For far too long, insurers have viewed people over 60 as old, immobile, and liable to injury.

"The reality is that many people in their 60s and 70s are fitter and more active than ever. For them, retirement is a chance to do more, not less.”