The German pension and insurance market was a laggard worldwide of online a few years ago, but in current times it has actually rapidly captured up. There’s additional evidence of this pattern with the news that Xpension (trading as xbAV), an online platform for pensions and life insurance, has actually raised EUR25 million in its Series C funding round. This will take its total financing to date to more than EUR50 million.
The funding round was led by HPE Development, a development capital fund. Existing investors Cinco Capital, led by Lars Hinrichs (founder of XING and chairman of Xpension), and Armada Financial investment, led by Daniel S. Aegerter (founder of Tradex), likewise got involved.
The brand-new financing will be used to scale up Xpension’s corporate pension and life insurance coverage SaaS platform in Germany; broaden the offering into private pensions and life insurance and corporate medical insurance; and prepare a rollout into other European nations. The business has likewise introduced a video platform for agents to speak with clients, in the wake of the COVID-19 pandemic.
To date, Xpension has actually brought in to its platform more than 40 life insurers, 11,000 insurance coverage agents and 3,000 SMEs.
Martin Bockelmann, CEO and founder, commented: “After several years of intensive R&D and broad-based user acquisition, this collaboration with HPE Growth allows us to release the complete potential of our platform in Germany and abroad.”
Tim van Delden, partner at HPE Development, said: “The move online of the EUR2.5 trillion global pension and life insurance coverage industry is a huge subject. A SaaS platform like Xpension– which links life insurers, agents and their private and business clients to buy and manage policies– will be a game-changer.”
Talking to TechCrunch, Hinrichs, the active chariman and largest private investor, said: “We target not just occupational pensions however the whole sector, which is worth EUR700 billion in premiums a year. German pensions are the leading pensions sector in Europe. And we are benefiting from the current modifications in pension policy.”
It would appear that Xpension remains in a strong position to potentially open to end consumers who don’t have pensions, as have comparable U.S. platforms, or perhaps to take advantage of its position to construct its own insurance company eventually.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.