European fintech Pliant has reportedly acquired the Austrian Insurtech hi.health.
The acquisition enables Pliant to apply its payment expertise to the insurance sector while “gaining industry-specific know-how.”
This marks the company’s second acquisition “following the purchase of Friday Finance in 2023.”
hi.health will continue to operate independently, while “benefiting from Pliant’s support and infrastructure to increase the strength, stability, and efficiency of its product offering.”
The company has developed a digital interface “between insurance carriers and customers.”
By using a payment card, insured individuals “no longer have to pay upfront and can submit invoices (e.g. healthcare invoices and prescriptions) for reimbursement directly via a mobile app.”
The Vienna- and Berlin-based startup was founded in 2019 “by Fredrik Debong (co-founder of mySugr) and Sebastian Gruber (formerly McKinsey).”
Malte Rau, CEO of Pliant said:
“hi.health has developed an impressive solution at the intersection of Fintech and insurance. By embedding a payment option into the submission process, they are revolutionizing what has traditionally been a cumbersome reimbursement workflow and creating real value in the process. That’s exactly our ambition: to make complex operational workflows digitally simple,”
The strategic acquisition reinforces Pliant’s strategy of “combining a payments platform with deep industry know-how.”
While Pliant handles digital card and payment infrastructure for banks, the acquisition of hi.health brings “insurance-specific expertise to the company.”
Sebastian Gruber, CEO and co-founder of hi.health said:
“Our partnership with Pliant allows us to think even bigger about our mission. Together, we have the opportunity to transform financial processes in the insurance and healthcare industries – eliminating the cumbersome reimbursement procedures and significantly improving the experience for both users and healthcare providers.”
The acquisition underscores Pliant’s goal of “applying its expertise in payment processes to a broader range of use cases in the large insurance market.”
It follows growth in the travel, mobility, and banking sectors.
As noted in the update, Pliant is a European fintech “specializing in B2B payment solutions.”
With their modular, API-first platform, they aim to empower businesses to streamline spending, “enhance cash flows, and seamlessly integrate payments into their financial workflows.”
Their solutions are said to be valuable for industries “with complex payment needs, such as travel and fleet, helping companies achieve greater efficiency, control, and profitability.”
They focus on two primary customer segments:
- Companies that want to optimize payment processes through our intuitive Apps and powerful APIs, gaining greater control, operational efficiency, and cash flow flexibility through extended credit lines.
- Companies such as financial software companies, ERP providers or banks aiming to launch or enhance their credit card offerings, using our embedded finance or white-label solutions. This enables partners to strengthen customer engagement and diversify revenue streams effectively.
Founded in 2020 and headquartered in Berlin, Pliant supports “over 3,500 businesses and more than 20 partners globally.”
As a licensed e-money institution (EMI), they reportedly issue Visa-powered credit cards “in 11 currencies across 30+ countries, ensuring that payments become simpler, smarter, and more efficient worldwide.”