(wefox co-founders Fabian Weseman and Julan Teicke. Source: wefox.)
wefox, a Berlin-based InsurTech, has secured US$55m credit facility from J.P. Morgan and Barclays alongside a $55m second close in its Series D at US$4.5bn valuation from existing and new investors including Squarepoint. The funding follows a record first quarter financial performance by the company, which wefox says signals a clear path towards profitability. wefox describes itself as a platform connecting insurance companies, distributors, and customers, to give the world simple access to digital insurance solutions.
The InsurTech says it will use the funding to further strengthen its 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,” comments Julian Teicke, CEO and co-founder, wefox.
“The second close of our Series D round ensures we continue focussing 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,” adds Teicke.
Enhanced Operating Model
“The market environment has shifted significantly over the last 18 months, and we have enhanced our operating model to capitalize on this new reality,” says Fabian Wesemann, CFO and co-founder, wefox. “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.”