Berlin-based InsurTech wefox has secured a $55 million credit facility from J.P. Morgan and Barclays alongside a $55 million second close in its series D at a $4.5 billion valuation from existing investors and new investors, including Squarepoint.
The new funding is earmarked to further strengthen wefox’s insurance and distribution business, which includes the recent launch of a global affinity business and developing the technology platform.
“We are delighted to have two of the world’s most prestigious financial institutions – J.P. Morgan and Barclays – supporting our business, which strengthens our plans to enhance our insurance and distribution capabilities whilst building our platform,” said wefox CEO and Co-Founder Julian Teicke in a company press release. “The second close of our series D round ensures we continue focusing on building an international business with a strong path to profitability. We have already taken important measures to fortify our business for the future and early Q1 financial performance shows that we are in good shape to navigate the challenges ahead and continue our international growth in a sustainable way.”
wefox was founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic. It is an InsurTech that integrates technology with insurance distribution capabilities to more than 300 insurers and 4,000 distributors serving customers across Europe. wefox is the parent company of wefox Insurance, which is the company’s in-house regulated insurance carrier.
“The market environment has shifted significantly over the last 18 months, and we have enhanced our operating model to capitalize on this new reality,” said Fabian Wesemann, chief financial officer and co-founder of wefox, in the release. “We welcome having both J.P. Morgan and Barclays in addition to our new investors in this second close, which gives us tremendous confidence in steering the company towards profitability with a clear focus on unit economics.”
Source: wefox