SBI Investment has tapped its FinTech Fund to make an undisclosed investment into FinanceApp AG.
Switzerland-based FinanceApp is an InsurTech platform that operates wfox, an insurance product management app. The platform helps consumers to find the right policy for them, through its expert support and its online questionnaire, wefox ensures the user is fully covered and at the best rates.
The application can also be used by brokers to mange all insurance products and build up a customer portfolio. An algorithm also helps reduce acquisition costs and recommend the best products.
Through the platform users can also access insurance products including home contents insurance. wefox’s API connection with insurance companies means consumers can claim insurance payments through their smartphone.
The firm launched its FinTech Fund in late 2015, with a JPY 30bn ($271m) capital pool to back both Japanese and international FinTech ventures.
Last year, SBI Investments made an undisclosed investment in to Russia-based SME lending platform SimpleFinance. The company raised the capital to support the growth of its lending portfolio and launch new loan issuances.
SBI also recently led the $2.3m Series A investment in to Singapore-headquartered VENTENY.com, which is an employee benefits solution. The company helps clients to offer its staff discounts to restaurants, gyms and hotels.
The InsurTech sector was dominated by the North American region last year, with 62 per cent of the capital going to companies based there. Asia was the next biggest market, with it receiving a 19 per cent share of the total equity.
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