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wefox Secures $110m With $55m Credit Facility From J.P. Morgan And Barclays
wefox, the Berlin-based insurtech, has secured US$55m credit facility from J.P. Morgan and Barclays alongside a $55m second close in its Series D at US$4.5bn valuation from existing investors and new investors including Squarepoint.
The funding comes on the heels of wefox delivering a record first quarter financial performance and signals the company’s clear path towards profitability.
The new funding is earmarked to further strengthen wefox’s insurance and distribution business, which includes the recent launch of a global affinity business, and developing the 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 Mr. 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.”
“We welcome having both J.P. Morgan and Barclays in addition to our new investors in this second close, which gives us tremendous confidence in steering the company towards profitability with a clear focus on unit economics,” added Mr. Wesemann.
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