Germany-headquartered simplesurance has reportedly secured $11.5m and eyes move into Japan market.
The investment was made by multinational insurance company TMHD and financial group ODDO BHF, according to a report by tech.eu. Through the new line of equity, simplesurance is allegedly looking to open an office and build a local team in Japan in order to support expansion in Asia.
This investment comes just after the company bagged a $24m Series C from Allianz Rheingau Founders and Rakuten Capital.
Founded in 2012, the company is an online insurance platform which supports customers with buying tailored policies. The New York-based company’s technology enables cross-selling with over 2,500 online retailers to help a customer purchase product insurance at the point-of-sale.
simpleinsurance also supplies users with a mobile app to manage all insurance policies, compare and purchase other products and communicate with their broker. The company currently operates across 28 countries in Europe.
Users can buy insurance policies for mobile phones, tablets, laptops, and electronics. Alongside this, they can also purchase warranty extensions for a number of different electronics and appliances.
Earlier in the year, ODDO took part in the €13m funding round of France-based mobile payments platform Lydia.
Last year, Germany’s FinTech sector was the second largest in Europe, raising a total of $655m, according to data by FinTech Global. The space looks set to continue to grow, with half of last year’s capital being raised in the first quarter of 2018, alone.
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