Berlin-based InsurTech wefox has announced $110 million in funding, with a $55 million credit facility from Barclays and JP Morgan.
The company, which is now valued at $4.5 billion, said that it would use the investment to strengthen its insurance and distribution business, which includes its recently launched global affinity arm.
“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 Julian Teicke, chief executive 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.”
The chief exec added that the company’s early quarter one financial performance shows the business is “in good shape to navigate the challenges ahead” and continue its international growth.
During wefox's previous Series C funding round in 2021, the company raised $650 million, bringing its valuation to $3 billion.
According to the company, this was the largest Series C funding round for an InsurTech ever recorded.
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