BlackFin Tech Weekly — December 16th, 2019

Michele Foradori
Dec 16, 2019 · 3 min read

Dear Fintech Enthusiasts,

Have you noticed the big Wefox group’s series B extension? What an impressive round, it seems that Christmas has come early in the InsurTech space ;)

Christmas is coming !!

It has been a very busy week in the Fintech & InsurTech spaces this week, with 11 deals announced! €150m+ have been raised, driven by Wefox’s “once again mega-round” in Germany. The Nordics were well represented with 2 Swedish deals! We counted also 1 French deal, 1 other German deal, 3 in the UK, 1 in the Netherlands, 1 in Poland and 1 in Switzerland.

So here we are with our fundings:

Made with ❤ by BlackFin Tech

Let’s deep dive on Wefox Group and its series B extension:

  • The Berlin InsurTech firm raised $110m in its extension, for a total round of $235m — which is bringing the valuation pre-money of the company at $1,65bn!
  • New investors in this round were OMERS Ventures, Merian Chrysalis & Samsung Catalyst Fund.
  • Wefox Group is composed of two lines of business: Wefox, and ONE Insurance. Wefox brings value for both insurance brokers and final users by connecting all the players of the value chain efficiently. A user can centralize all its insurance contracts & claims in one digital app. On the broker side, via the Wefox wallet, the company increase its business effectively by better understanding users, with CRM functionalities, alongside with back offices and claim management features. Wefox also manages some contractual relationships with some Insurers, and also can redirect certain users to its own Insurer brand, ONE.
  • Since 2014, Wefox achieved to reach the threshold of 500,000 users across Europe, mainly in Austria, Germany, Spain & Switzerland, with a 4x growth trend in 2019! Wefox also built a network of 2,000+ distribution agents. ONE’s revenues growth was even more impressive, almost reaching a 10x multiple this year to $30m.

We’d like to mention also another really interesting Series-A: FintechOs!

  • Founded in 2017 in the UK, FintechOS raised £10,7m with EarlyBird Venture Capital leading the round, alongside with LAUNCHub Ventures, Gapminder VC & OTB Ventures.
  • FintechOS provides Technology as a Service to Financial Institutions — Instead of disrupting traditional players, it enables them to deploy faster innovative and to keep pace. They are specialised in wealth management applications. FintechOS has built a hub of 20+ pre-packed automation processors, 150 integrated data sources and 50+ open source apps ready to go!
  • In only 24 months, they onboarded 40+ clients worldwide, they have now $25bn “under management” through the apps using their technology and opened offices in London, Amsterdam, Vienna, Copenhague & Bucarest.
  • One example of clients is UNIQA Group, a leading insurance group in Austria: Using FintechOS technology, the insurer digitized and automatized different insurance lines (such as motor) with real-time process and OCR technology.

And congratulations to Seyna who obtained its full-stack insurer license this week!

We would like to give our heads up to Portify, Sonect, Inkassogram, Proof of Impact, Upvest, straal, Origin Markets and Doconomy!

Congrats to our beloved European founders!

Have a great week ahead!

//And what else happened this week?

  • Blackfin Capital Partners announced they raised 1Bn for their new PE investment vehicle! What a big achievement, we’re proud to work with such an impressive team. You can find more details here!
  • Our portfolio companies recruit: 7 companies, 100 jobs: what are you waiting for? Link to the post here!
  • Have a look at our Linkedin page to have some insights about our portfolio their recruitment, our events and the activity of the team!
  • And if you wish to receive BlackFin Tech posts straight into your inbox and stay updated, click here and if you just want to browse our website to get to know us better, head over to blackfin-tech.com!

BlackFin Tech

Thoughts and ideas on all things fintech & insurtech. Managed by BlackFin Tech, a € 180m independent European Fintech VC and its team

Michele Foradori

Written by

BlackFin Tech

Thoughts and ideas on all things fintech & insurtech. Managed by BlackFin Tech, a € 180m independent European Fintech VC and its team

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade