CreditEase, a Beijing-based leading FinTech conglomerate in China, announced today that its direct investment arm, CreditEase FinTech Investment Fund (CEFIF), participated in wefox Group's $125 million USD Series B, a fast-growing Berlin-based insurtech firm together with Mubadala's newly created European Ventures Fund. The investment is the largest Series B round for a European insurtech and Goldman Sachs International is acting as the private placement adviser to wefox Group in connection with the transaction.
The investment will help spearhead the company's expansion into the European broker market. It also paves the way for wefox Group to accelerate growth and create the world's most innovative product and engineering team applying advanced data analytics to create an all-in-one insurance platform in which all interactions are personalized. The company, which was founded in 2014, has grown its revenue to around $40 million USD, while serving more than 1500 brokers and over 400,000 customers, making it Europe's number one insurtech platform.
wefox Group founder and CEO, Julian Teicke, said, "Insurance is up for the most radical change, which presents a huge opportunity for us to connect all insurers globally through our platform and become the largest insurance company in the world."
"This investment enables us to continue developing our core technology, which includes AI capabilities that will connect customers with the right insurance and automatically process claims all in near real-time making the whole process easier, simpler and safer for our customers," added Teicke.
Dennis Cong, PhD, Managing Director of CEFIF, said, "We are very excited to have the opportunity to become a partner of wefox, a leading insurtech platform in Europe. wefox Group is a proven insurtech innovator with visionary management leadership and strong technology and AI capabilities to provide consumers with more seamless and personalized insurance policy experience. And we are looking forward to partnering with wefox Group further in the insurtech field through collaboration on the globe scale."
CEFIF continues to expand its global investment pace through locking FinTech companies with huge potential. Up to now, its four portfolio companies include wefox Group, ShieldPay, Onfido and Funding Circle. Funding Circle filed an IPO application and raised 300 million pounds, which is the largest FinTech IPO in London.