BaFin grants Getsafe a European Insurance Licence

Monday 25 October 2021 11:05 CET | News

Digital insurer Getsafe has received its insurance licence from Germany's financial regulator, BaFin, according to the official press release. 

The licence will allow Getsafe to accelerate its expansion to the rest of Europe. The company started in 2017 as an MGA and it has started its expansion by launching in the UK. It is serving 250,000 customers. With a licence of its own, Getsafe can now both accelerate its European expansion and build products and innovations quicker than before. The company has closed a reinsurance agreement with Swiss Re, that co-lead its USD 93 million Series B round. New European markets like France are under consideration for expansion in 2022. 

Getsafe currently offers home and car insurance and has plans to expand into more verticals – like life and health – in the coming years. Via the app, customers can buy, manage, and adapt their policies as well as file a claim on the go – all in just a few seconds. 

Only a couple of weeks ago, the company announced the extension of its series B funding round, which takes Getsafe to USD 115 million raised to date. It is backed by Venture Capital Funds like Earlybird and CommerzVentures as well as Swiss Re. Following the fundraise and the licence, Getsafe is eyeing a public debut in the future. 

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Keywords: insurance, expansion, BaFin
Categories: Banking & Fintech
Countries: Germany
This article is part of category

Banking & Fintech

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