Penni.io, which helps insurance providers sell policies online, has reportedly collected €2m from angel investors.
The capital injection will be used to continue expansion efforts across Europe and other regions, according to a report from EU-Startups.
Denmark-based Penni.io enables firms to build embeddable insurance widgets which are designed to speed up the customer journey for buying policies. The InsurTech also offers APIs which increase the development of the widgets and ease the implementation.
Its technology has been used to create insurance policies for income protection, commercial, liability and vehicles.
FinTech investments in the Nordics has been largely driven by the Swedish market, which is responsible for 78% of the $3.3bn invested into the region’s FinTech market since 2015. Denmark is the Nordic’s second largest FinTech market, being responsible for 13% of the total capital invested.
Infrastructure and enterprise software companies in the Nordics have received the most appeal from investors. InsurTechs have not received as much attention, with on 5.4% of the total 425 Nordic FinTech deals going to startups in the vertical.
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