Cover Genius, the global infrastructure for embedded protection, has acquired Friendsurance, the Berlin-based insurtech and digital bancassurance platform for insurers and banks.
Through this transaction, Cover Genius combines its global infrastructure with Friendsurance’s deep local regulatory expertise and bank-grade technology to deliver regulatory-ready, data-driven bancassurance infrastructure for DACH (Germany, Austria, and Switzerland) financial institutions.
Angus McDonald, CEO and Co-founder of Cover Genius, 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 optimised, and proven to drive platform yield.”
By uniting Cover Genius’s global reach with Friendsurance’s specialised European technology hub, the transaction accelerates a market-wide shift toward Bancassurance 2.0, the firm highlights.
The transaction empowers financial institutions across the DACH region with an intelligent, compliant protection infrastructure that opens up resilient, non-interest revenue streams.
As part of this initiative, the Friendsurance team will integrate into Cover Genius, giving both current and future partners frictionless access to a broader range of protection offerings.
A core feature of these capabilities is an established architecture incorporating PSD2 open banking rails and a framework designed to navigate regional GDPR (DSGVO) requirements.
By using this localised architecture, partners can effectively mitigate the complex regional regulatory landscapes that typically stall digital product rollouts for traditional banks and fintechs.
Tim Kunde, Co-Founder and CEO of Friendsurance, explained: “We built Friendsurance to solve a clear friction point. 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 is effective immediately. Financial terms of the transaction have not been disclosed.
