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JPMorgan and Barclays back German InsurTech wefox

JPMorgan and Barclays back German InsurTech wefox

Wefox, the Berlin-based InsurTech, has secured US$55m credit facility from JPMorgan 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 company's technology is currently used by than 300 insurers and 4,000 distributors serving 2.5m customers across Europe.

The funding comes on the heels of wefox delivering a record first quarter financial performance amid claims that the company is on a clear path towards profitability.

The new cash 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, says: “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.”

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