FinTech news in Wefox category

Founded out of Berlin in 2015, Wefox sells various insurance products through a combination of in-house and external brokers, bypassing the direct-to-consumer model of insurtech competitors which include rival German startup Getsafe. European insurance tech startup Wefox has raised $400 million in a series D round of funding, giving the German company a post-money valuation of $4.5 billion. This way of growing users, by getting third-party brokers to use Wefox to advise their own customers, is how CEO and founder Julian Teicke reckons helped the company double its revenues to $320 million last year. To date, Wefox said it has built a network of around 3,000 independent brokers in its native Germany, while in other markets such as Switzerland, Germany, and Austria, it has trained its own brokers.