Insurtech Xpension raises €25m to drive digital transformation in life insurance industry
German insurtech Xpension has raised €25 million in its Series C financing round to accelerate digital transformation in the pension & life insurance industry, taking the total funding to more than €50 million.
The growth financing will be used to expand the offering into private pension & life insurance, as well as prepare for the rollout of the Xpension's SaaS platform in selected European countries.
The financing round was led by European investor HPE Growth. Tim van Delden, co-Founder and partner at HPE, will join Xpension’s supervisory board to accelerate growth for the company.
The company's existing investors Cinco Capital, led by Lars Hinrichs (founder of XING and chairman of Xpension), and Armada Investment, led by Daniel S. Aegerter (founder of Tradex), also participated in the round.
“Our vision is to enable every person to get the right pension & life insurance protection for themselves and their family," said Martin Bockelmann, CEO and founder. “After several years of intensive R&D and broad-based user acquisition, this partnership with HPE Growth allows us to unleash the full potential of our platform in Germany and abroad.”
Malte Dummel, CFO of Xpension, added: “We are delighted to welcome HPE Growth – proven scale-up experts – to our investor network,. This growth financing further advances our ambition to drive the digital transformation in the life insurance industry.”
van Delden commented: “The move online of the €2.5trn global pension & life insurance industry is a huge topic. A SaaS platform like Xpension – which connects life insurers, agents and their corporate and private customers to buy and manage policies – will be a game changer. The platform’s rapid growth highlights both the strength of the underlying demand as well as the team’s impressive execution to date, and we are excited to further support Xpension with our resources and expertise.”
