Fidelity Investments has led a $400m round as the Alphabet-backed health insurance provider looks to grow its service to a million users within five years.

Oscar Health Insurance, a US-based insurance provider backed by conglomerate Alphabet, has secured $400m in a round led by financial services firm Fidelity Investments, Bloomberg reported today.

The round, which values Oscar at $2.7bn, also featured Alphabet’s Google Capital unit, insurance group Ping An, General Catalyst, Founders Fund, Lakestar, Khosla Ventures and Thrive Capital, according to Forbes.

Founded in 2012, Oscar sells health insurance to end-users rather than through employers. Customers can use a smartphone app to book appointments with doctors…