Allianz X, the digital investment unit of German insurance and asset management giant Allianz, is taking a big bet on the tech-driven future of finance, increasing its fund size to a whopping EUR1 billion.
To date, Allianz X has made more than 15 direct investments in digital businesses related to insurance around the world. Big ticket deals include a $96.6 million capital injection in microinsurer BIMA that utilizes mobile technology to serve low-income customers in Africa, Asia and Latin America, a $30 million bet on Kansas City-headquartered working capital marketplace C2FO, and a $35 million stake in Southeast Asian mobile platform Go-Jek in April 2018.
Recently, Allianz X also participated in N26’s Series D funding round after co-leading the German banking-as-a-service startup's $160 million Series C round last year.
The fund is committed to developing strategic partnerships with its portfolio companies, embedding a a dedicated team that assists each company with joint corporate development initiatives for relevant Allianz business unit
"We have built a great portfolio in which many companies have already developed successful partnerships with Allianz’s business units,” says Nazim Cetin, CEO of Allianz X. “We are very excited about raising our investment budget to €1 billion and will use the funds entrusted to us to both strengthen our portfolio and build strong, global platforms that create new businesses for Allianz.”