Getsafe, Europe’s neo-insurer based in Germany with over 550,000 customers, has acquired deineStudienfinanzierung, Germany’s digital platform for student loans.
This acquisition is said to be a testament to Getsafe’s direct-to-consumer approach and the company’s focus on “guiding young people as they plan for their futures.”
Getsafe explains that it differentiates itself from most traditional insurers and insurtechs alike by adopting “a direct acquisition model that bypasses the need for brokers.”
Recognizing the associated costs, Getsafe focuses on “building proprietary customer access and developing a customer relationship before they consider their first insurance product.”
Christian Wiens, founder & CEO of Getsafe, explains:
“One of the structural problems of traditional insurers is that they have outsourced customer acquisition to brokers. This not only compresses their margins and hinders innovation but also goes against the buying behavior of Gen Z. 90% of our customers are first-time insurance buyers. They would never step into a broker’s office.”
Wiens adds:
“We have observed a common pattern when talking to our customers. The predominant trigger point for a young person to start thinking about insurance is when they begin their first job. We realized that to become their insurer of choice, we must think one step ahead. With deineStudienfinanzierung, we have found a partner that has earned the trust and access of our target customers and is uniquely positioned to accompany job starters from university to their entry into the workplace.”
Since launching in 2018, deineStudienfinanzierung has been a key player focused on digital student loans, “having assisted over 200,000 students to receive over €1bn in study financing. It will continue to operate as a standalone business within the Getsafe ecosystem.”
The acquisition of deineStudienfinanzierung “marks another milestone in Getsafe’s journey, solidifying its position as a forward-thinking insurtech dedicated to enhancing the financial well-being of individuals.”
This acquisition follows Getsafe’s recent acquisition of “the German business of French insurtech Luko.”
Christian Wiens comments on the acquisition, stating:
“We are thrilled to welcome deineStudienfinanzierung onto the Getsafe platform. This strategic move reinforces our dedication to providing comprehensive financial solutions directly to our customers. By joining forces with Bastian and his team, we are not only expanding our portfolio but also fostering a customer-centric approach to financial well-being.”
Bastian Krautwald, Founder & CEO of deineStudienfinanzierung, adds:
“When I first met the Getsafe team, we quickly found that we share a common vision that goes beyond insurance or student loans. We are operating in industries that are inherently undigitized. Traditional players make it hard for customers to understand their products. We want to make them accessible and understandable for young people.”
Krautwald will remain in his role, “bringing his expertise and passion for empowering students to the Getsafe family.”
FiRec GmbH, the entity operating deineStudienfinanzierung, “has previously raised five million Euros from investors including EQT Ventures and 468 Capital.”
The parties agreed “not to disclose the purchase price.”
