German fintech Friendsurance has completed a successful $15.3 million funding round led by returning investor Horizons Ventures, the private investment firm for Li Ka-Shing.
Friendsurance is a novel concept combining elements of peer-to-peer and money pools in an insurance concept where each member of a group is rewarded for every year where no one files a claim.
In order to participate in the claims-free bonus, customers with the same insurance type are combined into online groups. Part of each person’s premium is paid into a pool. So far more than 80 percent of users have received a rebate equal on average to one-third of their annual premiums.
Friendsurance was profiled in Bankless Times. Learn more here.
A second investment from a high profile says good things about Friendsurance’s business model, Founder Tim Kunde said.
“Having an experienced VC like Horzions Ventures investing in our business model for the second time, is a certificate of trustworthiness in our concept and our development. We intend to use the fresh capital to grow further in the German market and expand internationally.”
Mr. Kunde added Friendsurance’s first target is Australia.
Horizons’ Frances Kang said his firm was impressed by the early adopter.
“We believe the Insurance ecosystem is ripe for change and disruption. Customers demand more understanding and control over their policies, and transparency when processing claims.
“As early mover in the innovation of insurance tech, Friendsurance’s unique business model improves the efficiency and experience for both the consumer and the insurer, but the biggest beneficiaries will be the consumers.”
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