Germany-based insurtech Wefox has raised a $125 million Series B funding round led by Abu Dhabi government-owned Mubadala Ventures, which included participation from China-based Creditease, according to TechCrunch. This is its sole acquisition so far but the selling price of the company has not yet been disclosed. There are two key reasons why Wefox may be spurring investor interest: Further, the diversity of German fintechs that attract funding also suggests that the ecosystem is growing all around, rather than Germany becoming a hub for one fintech segment. This followed a previous round of Series A funding that raised $28 million in 2016. You can update or change your policy online without the need to go into an office or have a representative come to your home. Lara was a member of the 30 under 30 list which points to the fact that he has achieved significant accomplishments in the business world prior to reaching the age of 30, according to Forbes. The Wefox digital insurance technology firm was established in 2015. Meanwhile, Teicke says the new funding will be used to continue ramping up international expansion in 2020. The company claimed that Wefox created its subsidiary One from a reverse-engineered model of Lemonade, infringing upon the intellectual property of the US-based company. 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Wefox Group, the Berlin-based insurtech startup behind the consumer-facing insurance app and carrier One and the insurance platform Wefox, has raised $125 million in Series B funding.Notably, the round is led by Abu Dhabi government-owned Mubadala Ventures (which is also an LP in SoftBank’s Vision Fund) and is the first investment from Mubadala’s newly created European Investment Fund. Wefox General Information Description. This significantly streamlines the insurance process for agents, customers, providers, and all parties involved. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. In addition to his duties as chief executive officer, he is also a member of the board of Wefox and ONE. You can have your site personalized to meet your preferences and you can receive documented consultation services. Most recently, 20 percent of Wefox customers sign up directly with the company and 80 percent find them through other insurance brokers. There are plenty of venture capital firms willing to make further investments to back expansion and future progress of the firm. Requests are customized and personalized and the processing time is quick. In a call, Wefox co-founder and CEO Julian Teicke told me the Wefox Group has grown revenues to over $100 million, and now services more than 500,000 customers, claiming that this makes it Europe’s “leading insurtech.”. All services are available online at any time of the day or night. Wefox’s other existing investors include Target Global, Salesforce Ventures, Seedcamp, Idinvest and Hollywood actor Ashton Kutcher’s investment vehicle, Sound Ventures. For those interested in learning more about Wefox, I encourage you to watch this brief video: We believe Wefox Group’s approach to revolutionizing insurance – empowering the consumer and prioritizing solutions for secured data-driven experiences – will deliver significant value for the entire trade.”, earlier Series B of $125 million in March. Additionally, with its fully digital customer-facing arm One, the firm also provides tech-savvy consumers with an option that caters to their preferences, and already has onboarded over 400,000 users. Wefox serves over 400,000 customers currently, along with over 1,500 insurance brokers and this makes it the number one insurtech platform in all of Europe, according to the Wefox Group’s CEO and co-founder Julian Teicke. Browse this list and copy the elements that fit your needs! Julian Teicke is an entrepreneur and the leader of Wefox. He is based in Barcelona, Spain, but flies to Berlin weekly to conduct business. It has only been in operation for just over four years. Wefox is already the fastest growing insurtech company in Europe, but the firm has a vision of where it needs to go in the near and distant future. EMPAUA built a portal which allows the various brokers to onboard their commissions and leverages a cutting-edge, highly automated customer care solution. Additionally, the fact that Mubadala's first investment with its new Europe-focused fund was made in Germany suggests that the country has become a promising alternative to the UK. Download the insurance startups eBook! Wefox Group declined to comment on the financials. A top JPMorgan exec says these 3 areas still have value, These are the top 15 US banks ranked by the mobile banking features consumers value most, These seven airlines have ceased operations in India over the past decade — Here's a quick look. There has been no mention of expanding the enterprise to North American markets at this point in time. The firm gains customers in two ways. The services provided are available online. Wefox was the recipient of $125 million that was raised in a round of Series B funding. It follows an earlier Series B of $125 million in March, led by Abu Dhabi government-owned Mubadala Ventures, with participation from Chinese investor CreditEase. Here are his 10 best quotes from an interview in a new book. >> Learn More Now. Sergi Banos Lara is the chief technology officer for Wefox. People contact them directly via the website, mobile app or telephone for direct to consumer service, and insurance brokers direct their clients to the Wefox platform. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to the Fintech Briefing, plus more than 250 other expertly researched reports. This makes Wefox a valuable resource for all stakeholders in the insurance industry from brokers, to agents, to teh ned consumer.

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