wefox raises $110m with J.P. Morgan & Barclays backed Credit Facility
By Gloria Methri
wefox, the Berlin-based InsurTech, has secured a $55 million credit facility from J.P. Morgan and Barclays alongside a $55 million second close in its Series D at $4.5 billion valuation from new and existing investors including Squarepoint.
The funding comes on the heels of wefox delivering a record first-quarter financial performance signaling profitability. The new funding is expected to strengthen wefox’s insurance and distribution business, including the recent launch of its global affinity business, and the development of a technology platform.
Julian Teicke, CEO and co-founder of wefox, said, “We are delighted to have two of the world’s most prestigious financial institutions – J.P. Morgan and Barclays – supporting our business, which strengthens our plans to enhance our insurance and distribution capabilities whilst building our platform.”
“The second close of our Series D round ensures we continue focussing on building an international business with a strong path to profitability. We have already taken important measures to fortify our business for the future and early Q1 financial performance shows that we are in good shape to navigate the challenges ahead and continue our international growth in a sustainable way,” added Teicke.
Fabian Wesemann, CFO and co-founder of wefox, said, “The market environment has shifted significantly over the last 18 months, and we have enhanced our operating model to capitalise on this new reality.”
“In addition to our new investors in this second close, we are also pleased to have secured the credit facility from J.P. Morgan and Barclays, which gives us tremendous confidence in steering the company towards profitability with a clear focus on unit economics,” added Wesemann.
Founded in 2015, wefox is the parent company of wefox Insurance, which is the in-house regulated insurance carrier. It integrates technology with insurance distribution capabilities to more than 300 insurers and 4,000 active distributors serving 2.5 million customers across Europe.
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