Mobility insurance provider Zego claims to have become the first UK InsurTech to secure a European broking licence, ensuring its European expansion plans post Brexit in the process.
Dutch regulator AFM provided the licence, which Zego will use to expand further across Europe.
The licence enables Zego to work with EU-based insurance partners and customers, and establish itself in new territories without friction once the Brexit transition period ends on December 31, 2020.
Zego currently serves customers in Ireland, France, Spain, Belgium and Italy, working with well-known brands such as French e-scooter company Dott and Free Now in Ireland.
“We have big plans for the European market and by securing this licence, we now have the freedom to continue expanding into new territories and providing new EU-based customers with smart, data-driven insurance,” said Nick Pester, general counsel at Zego.
“Just like in the UK, the insurance market in Europe has barely changed for decades and unsurprisingly there is now a growing appetite among businesses for more modern, flexible and accurately-priced insurance policies. We are in the perfect position to meet this demand and look forward to partnering with many more businesses across the EU in the coming years.”
The news comes as FinTechs are keep a close eye on the Brexit negotiations.
Some have previously expressed concern about what the UK’s divorce will mean for the country’s FinTech ecosystem in regards to talent and market access.
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