Whispers around Oscar Health insurance startup hint at $3B valuation

New York-based Oscar Health, an insurances startup founded in 2013 to give consumers access to markets created by the Affordable Care Act, is raising new capital in a Fidelity-led round that could result in a valuation of more than $3 billion, sources told Fortune.

Oscar Health began 2015 with fewer than 20,000 members but has already grown its consumer base to more than 125,000. Fortune reports the company still isn't turning a profit, but that hasn't stopped it from raking in serious financing in the current round — documentation has turned up that shows Oscar has authorized the sale of up to $400 million in stock for the current series.

Investors in prior rounds have included Google Ventures, Goldman Sachs, Khosla Ventures and Thrive Capital. 

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