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.
