06 November 2023

InsurTech Wefox secures $55m

Written By FinTech Alliance in InsureTech

InsurTech Wefox secures $55m

Berlin-based insurtech Wefox has raised another $55 million in funding at a $4.5 billion valuation from Deutsche Bank and UniCredit.

In brief:

-The money, is the form of convertible debt agreement, with the debt to be converted into equity when wefox next raises cash, according to CNBC, which first reported the news.

-In May, the insurtech secured a $55 million credit facility from JPMorgan and Barclays alongside an internal $55 million raise.

-Wefox's technology is currently used by than 300 insurers and 4,000 distributors serving 2.5m customers across Europe.

What does this mean?

In a post on LinkedIn confirming the latest funding, CEO Julian Teicke says: "This is a significant affirmation from the industry and a clear nod to the path we've chosen towards profitable growth.

Read more here.

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