Germany-based Insurtech Wefox has raised $55 million in debt financing following a funding round that valued the company at $4.5 billion. The news was covered by CNBC that reported UniCredit and Deutsche Bank provided the capital. The debt is convertible into equity at the next priced funding round.
The money is expected to provide fuel for the company to grow, including acquisitions of other firms.
Last month, wefox announced that it had hired a new CFO with co-founder and prior CFO Fabian Wesemann, moving into the new Chief Investment Officer (CIO) position.
Wefox said the hire was a significant step for wefox as they focus on driving profitable growth while expanding their international footprint through acquisitions.
Earlier in the month, wefox announced a new brand called “wefox Empowering Insurance,” which is expected to help it bring insurance “back to its roots” as it paves the way for tech-enhanced insurance solutions.
wefox was founded in 2015 by Julian Teicke, Wesemann, and Dario Fazlic, and is a leading European Insurtech firm.