News Chinese fintech firm CreditEase joins $125 million round of...

Chinese fintech firm CreditEase joins $125 million round of European insurtech startup · TechNode


- Advertisment -

1 min read

This article by Sophy Yang originally appeared on China Money Network, the best data intelligence platform tracking China’s tech and venture capital markets (access requires subscription).

Chinese fintech conglomerate CreditEase announced on Wednesday that its investment unit, CreditEase FinTech Investment Fund (CEFIF), participated in a $125 million Series B financing round of Berlin-based insurance technology firm Wefox Group.

The investment also saw the participation of European Ventures Fund, a newly-launched investment vehicle of Abu Dhabi’s sovereign wealth fund Mubadala.

Founded in 2014, Wefox serves as a digital platform that helps customers, brokers, and insurance companies manage their insurance and financial products and services more efficiently. The company said in the statement that it has grown the revenue to about $40 million, while serving more than 1,500 brokers and over 400,000 customers.

“Wefox Group is a proven insurtech innovator with visionary management leadership and strong technology and AI (artificial intelligence) capabilities to provide consumers with more seamless and personalized insurance policy experience,” said Dennis Cong, managing director of CEFIF.

Proceeds of this round will be used for the company’s expansion into the European broker market and creating an all-in-one insurance platform, in which all interactions are personalized.

CEFIF was launched in February 2016 by CreditEase as a venture fund investing in fintech companies globally. With an equivalent of $1 billion in the total committed capital, CEFIF has poured money into more than 40 companies in areas ranging from wealth management, alternative lending, insurtech, payments, and enterprise services. Its portfolio companies include Chinese online securities brokerage firm Tiger Brokers, used-car trading platform operator Dasouche, and cloud-based business network Tradeshift.

The fund joined a $100 million funding round in New Jersey state-chartered commercial banking firm Cross River Bank in December 2018, after it led a $62 million Series C round in San Francisco-based online lending startup Upgrade in August 2018.

Source link


Please enter your comment!
Please enter your name here

Latest news

The Bitcoin Billionaire app and thousands like it – how AI trading is swarming crypto

The appearance of the Bitcoin Billionaire app, an auto trading system changed and overtook the whole crypto...

Buy VPS With Bitcoin: The Top 10 List

In this article, we list the Best web hosting providers you can buy VPS with bitcoin. All...

5 of the Best Crypto Jobs Sites

The cryptocurrency and blockchain job market has exploded. With new blockchain start-ups and projects being founded at...

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...
- Advertisement -Chinese fintech firm CreditEase joins $125 million round of European insurtech startup · TechNode

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you