Digital insurer Getsafe has received its insurance license from Germany’s financial regulator, BaFin, allowing it to expand into the rest of Europe.
Getsafe can now expand into Europe whilst building its products and innovations quicker than before.
The insurer currently offers home and car insurance and has plans to expand into more verticals such as life and health in the future.
Christian Wiens, CEO and founder of Getsafe, commented: “The license is a significant milestone – especially when considering that the German regulator has set out stricter rules for new registrations following the Wirecard scandal.”
“We can now passport our license within the European Union and take full advantage of our technological platform.
“We don’t only want to do insurance differently, but we want to make it unconditionally better. We will reduce the time it takes to regulate claims and offer even more services via the app. At the end of the day, Getsafe customers are also benefiting from better prices.”
Getsafe has also extended its series B funding round, which takes the company to $115 million raised to date.
With the new capital and a quarter of a million customers, the company ranks among the largest insurtechs in Europe.
It is backed by several notable Venture Capital Funds like Earlybird and CommerzVentures as well as Swiss Re.
Wein added: “We have a quarter of a million young customers who will grow with us for an IPO. We’re growing our customer base faster than our competitors and can soon offer more complex products.
“The insurance license gives us the necessary freedom to take unconventional paths and to realise innovations quicker than before. In the long term, we want to offer our customers holistic insurance coverage from a single source. Now we’re really getting started.”
