Cover Genius, the embedded protection technology provider, has acquired Berlin-based InsurTech Friendsurance, expanding its presence in the European bancassurance market and strengthening its position across Germany, Austria and Switzerland (DACH).
The acquisition combines Cover Genius’ embedded insurance platform with Friendsurance’s digital bancassurance technology and regulatory expertise. The companies said the deal will help banks and insurers in the DACH region integrate insurance products into digital banking experiences while navigating local regulatory requirements.
Friendsurance’s platform uses PSD2 open banking infrastructure alongside technology designed to support regional GDPR (DSGVO) compliance. The company has focused on helping financial institutions embed insurance products into customer journeys while simplifying implementation and regulatory processes.
Cover Genius operates in more than 60 countries and every US state, providing embedded protection through partners including Klarna, Revolut, Stripe, Booking.com, Uber and eBay. The company said it has protected more than 70 million customers globally through over 240 million policies, generating more than $3.2bn in gross written sales.
Cover Genius CEO and co-founder Angus McDonald said, “European banking represents one of the highest-conviction growth opportunities in embedded protection.
“Banks across the DACH region are under pressure to move beyond legacy cross-selling and deliver protection that integrates into their customers’ daily financial lives. Friendsurance has spent over a decade building the technology, the deep bank networks, and the institutional compliance required to make that possible. Together, we can offer European banking partners a clear advantage: a protection layer that is already compliant, highly optimized, and proven to drive platform yield.”
Friendsurance co-founder and CEO Tim Kunde added, “Banks want to offer modern, customer-centric protection, but legacy infrastructure and compliance make it incredibly difficult. By joining the Cover Genius team, our people and our technology gain the global scale and resources needed to truly transform the market. We are incredibly excited to deliver a unified, world-class experience to European financial institutions.”
The acquisition reflects continued investment in embedded insurance across Europe, as insurers and financial institutions look to generate new revenue streams by integrating protection products directly into digital banking platforms.
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