Berlin-based insurtech WeFox to open UK hub in 2020

By John Reynolds on Wednesday 11 December 2019

Digital Banking

WeFox has recently closed an £84m funding round.

 Berlin-based insurtech WeFox to open UK hub in 2020
Image source: Image provided by WeFox

Berlin-based insurtech WeFox Group is planning to open a UK hub next year, as it launches its consumer-facing insurance app to the UK market.

WeFox will open its hub next year as it launches its eponymous app, which offers information on insurance policies, claims and helps customers find the best rates, in the UK market.

Should its app, built on open API, be a success then it will roll out to more markets.

It follows WeFox Group, which also includes the brand One Insurance, which offers home insurance policies, closing a $110m (£84m) funding round.

The funding around we led by venture capital business OMERS Ventures with additional investors including investment company Merian Chrysalis, venture capital fund Samsung Catalyst Fund and tech venture fund Mundi Ventures.

WeFox, which currently operates in six countries, is launching in the UK because it believes it's a big market ripe for innovation.

The WeFox app will launch first in the UK, though according to the Daily Telegraph, the launch of One Insurance may not follow.

WeFox claims to have more than 500,00O customers.

Julian Teicke, CEO and co-founder of WeFox Group (pictured), said: “We’re delighted to have OMERS Ventures as the lead investor for this financing round, and with the addition of Merian Chrysalis and Samsung Catalyst Fund on board, we have reinforced Wefox Group’s investor base substantially."

“This year we quadrupled our growth and now we have a great opportunity to strengthen our business in partnership with our new investors, which is part of our strategic plan for further global expansion in 2020."

Henry Gladwyn, principal at OMERS Ventures, said: “We are thrilled to continue our support of Julian and the incredibly ambitious Wefox Group team as they continue to disrupt and re-invent the insurance industry.”

“We believe Wefox Group’s approach to revolutionizing insurance – empowering the consumer and prioritizing solutions for secured data-driven experiences – will deliver significant value for the entire trade.”

Young Sohn, Corporate President & Chief Strategy Officer, Samsung Electronics, and Chairman of the Board for HARMAN, said: “Wefox Group is an exciting demonstration of a fast-moving company harnessing data and AI to disrupt traditional industries."

“We look forward to working with the team and to take part of this development.”

 

 

Sign up for our newsletters


Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.