FinanceApp AG, a Zurich, Switzerland-based insurtech startup, received an investment from SBI Investment Co., Ltd.
The amount of the deal was not disclosed.
SBI Investment Co., Ltd. a subsidiary of SBI Holdings, has invested in the company through the FinTech Fund.
Establishment in 2014 and led by Julian Teicke, CEO, FinanceApp offers wefox, an insurance product management app, for insurance brokers to manage all insurance products and build their customers’ portfolio. Insurance brokers can use wefox as a sales tool that will reduce customer acquisition costs and enhance customer satisfaction, by diagnosing and recommending insurance products through the app based on an original algorithm. In addition, FinanceApp promotes API connection with insurance companies and has developed a system that enables the policyholder to claim insurance payments to its insurance company via smartphone.
Furthermore, FinanceApp develops and offers online insurance products, including home contents insurance via its very own insurance carrier named ONE. These insurances are distributed through wefox’s platform.