wefox, a Berlin-based insurtech company, secured a $55 million credit facility from J.P. Morgan and Barclays alongside a $55 million second close in its Series D financing at a $4.5 billion valuation from existing investors and new investors, including Squarepoint.
The new funding is earmarked to strengthen wefox’s insurance and distribution business, which includes the recent launch of a global affinity business, and to develop its technology platform.
“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,” Julian Teicke, CEO and co-founder of wefox, said. “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.”
“The market environment has shifted significantly over the last 18 months and we have enhanced our operating model to capitalize on this new reality,” Fabian Wesemann, CFO and co-founder of wefox, said. “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.”
