China’s CreditEase backs $125m Series B for European insurtech startup wefox

Photo: wefox

CreditEase FinTech Investment Fund (CEFIF), an investment arm of Beijing-based fintech conglomerate CreditEase, has participated in a $125-million Series B investment round for Berlin-based insurtech firm wefox Group, according to an announcement.

Founded in 2014, wefox Group is the parent company of ONE Insurance and wefox brands that operate across Europe.

The financing, which wefox said is the largest Series B round raised by a European insurtech firm, was joined by Abu Dhabi-headquartered Mubadala’s newly created European Ventures Fund. The fund was launched in 2018 with a $400-million corpus to invest in European tech companies.

The financing will wefox Group expand into the European brokerage market and boost its efforts to create an all-in-one insurance platform that offers personalised services.

“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,” said Julian Teicke, founder and CEO of wefox Group.

The company claims to serve more than 1500 brokers and over 400,000 customers across Europe, and generate revenue of $40 million.

Prior to the Series B round, wefox had raised a $28-million Series A in 2016. Its investor base includes Target Global, Salesforce Ventures, Seedcamp, Idinvest and Sound Ventures.

The investment in wefox is the fourth fintech investment by CEFIF, which has an equivalent of $1 billion in total committed capital. It has previously invested in ShieldPay, Onfido and Funding Circle. Funding Circle had in 2018 raised 300 million pounds in its London IPO.

Also Read:

China Digest: CreditEase backs Cross River Bank; Xianlife secures $100m

CreditEase VC arm leads Series C round for US consumer credit platform Upgrade

China: CreditEase VC arm invests in Nav; Jumei acquires Jiedian Technology

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.