Hungarian InsurTech platform Netrisk.hu has been bought up by private equity firm MCI Capital.
The firm bought Netrisk from fellow private equity house Enterprise Investors in a deal worth €56.5m.
Enterprise acquired the marketplace insurance company in 2010, and has since grown it to become one of Hungary’s leading InsurTech platforms.
It now offers online retail banking and price comparison for telecom, internet and TV packages.
Last year it accrued €8.8m in revenues, and is expected to grow by 23 per cent this year.
EI managing partner Dariusz Prończuk said, “For the last couple of years Netrisk.hu has developed at a very fast pace, growing in terms of insurance product range, market share and new product offerings. At the same time, Netrisk.hu has delivered very strong financial results.
“We are handing over to MCI.EuroVentures a healthy, lean and agile business poised for further success and strong growth.”
The deal comes at a time of rapid growth in the InsurTech space. According to FinTech Global research, the amount of capital being invested is rising dramatically. In Q1 2017, InsurTech funding sat at $189.8m across 53 deals. In Q2 of the same year, funding shot up to $872m across 34 deals.
Earlier this week, FinTech Global reported that e-commerce giant Amazon was considering a move into the ever-growing InsurTech sector.
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