Wefox, which is present in Germany, Switzerland, and Poland, will use the money raised for European expansion. The company aims to increase revenues to USD 350 million in 2021, from USD 143 million in 2020, as it builds its branded sales team and product portfolio to complement the existing platform that hosts independent insurance brokers.
Wefox expects an even split between premium income and commissions from 2022, driven by the expansion of its branded products into life and health, in addition to household, liability, and motor. The company lays off some exposure from its own product portfolio to partner Munich Re enabling it to run a so-called capital-light model.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now