The digital insurer Getsafe received its insurance license from Germany's financial regulator, allowing it to accelerate expansion to the rest of Europe.
Digital insurance provider Getsafe has scooped a licence from the German financial regulator BaFin, allowing it to accelerate its geographical expansion plans across Europe.
Germany-based Getsafe is active in both the UK and its home market and has in total 250,000 customers but is now mulling its next European launch in markets such as France next year.
“The license is a significant milestone – especially when considering that the German regulator has set out stricter rules for new registrations following the Wirecard scandal”, said Christian Wiens, CEO and founder of Getsafe.
“We can now passport our license within the European Union and take full advantage of our technological platform”, he added.
“We have a quarter of a million young customers who will grow with us for an IPO,” Wiens added.
Getsafe currently offers home and car insurance and has plans to expand into more verticals such as life and health insurance.
The company, which is backed by a number of investors including Earlybird and CommerzVentures as well as Swiss Re, recently extended its series B funding round and has raised $115m since its launch in 2017.