wefox Group, a Germany-based insurtech firm, has successfully secured $125 million through its Series B funding round. China-based fintech CreditEase reported that its direct investment arm, CreditEase Fintech Investment Fund (CEFIF) participated in the round, with Goldman Sachs International acting as a private placement adviser to wefox group.
Founded in 2014, wefox is a digital platform that connects insurance providers, distributors and customers. The company reported it has set out to reinvent the way people experience insurance: by simplifying its complexities, ensuring total transparency and eliminating inconvenience. wefox noted it knows that 91% of all insurance products are still sold by human agents. wefox reported that it has grown its revenue to around $40 million while serving more than 1500 brokers and over 400,000 customers. wefox Group founder and CEO, Julian Teicke, stated:
“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. This investment enables us to continue developing our core technology, which includes AI capabilities that will connect customers with the right insurance and automatically process claims all in near real-time making the whole process easier, simpler and safer for our customers.”
Dennis Cong, PhD, Managing Director of CEFIF, went on to add:
“We are very excited to have the opportunity to become a partner of wefox, a leading insurtech platform in Europe. wefox Group is a proven insurtech innovator with visionary management leadership and strong technology and AI capabilities to provide consumers with more seamless and personalized insurance policy experience. And we are looking forward to partnering with wefox Group further in the insurtech field through collaboration on the globe scale.”