Just when you thought you’d heard it all, Berlin’s Afilio offers a PoMaaS, or Peace of Mind as a Service, and has raised $13 million in a new funding round. Afilio provides a centralised location for families to create and consolidate personal estate management, legal, financial, and retirement/end-of-life planning.
Founded in late 2017, Afilio’s aim is to simplify the often overly complex and time-consuming process of insurances and personal estate management. In Germany, nonetheless. Through personalised recommendations, Afilio’s software is able to provide subscribers with commission-free offers which are up to 15% cheaper than traditional method suppliers.
Moving beyond the current product lineup that includes living wills, power of attorney, and pension provisions, Afilio plans to use a portion of the funding to flesh out a multi-generational planning and insurance coverage service. Likewise, after successfully navigating the complexities of the German insurance market (and its associated stamps), the company plans an aggressive recruitment and international expansion drive.
The catch-22 here is that these retirement and end-of-life planning tasks often fall upon elderly family members, those that might have a tough time with all the paperwork. On the same (other?) side of that coin, this same market segment might also be resistant to the adoption of new technologies.
Afilio’s $13 million round was led by CommerzVentures, and joined by Speedinvest. Existing investors Cherry Ventures and Cavalry Ventures continued their support.
“Afilio is an exciting example of innovative technology that can make complex and stressful legal and insurance processes manageable for consumers. With huge scope to add on additional services including retirement planning and care provisions, this new funding round will allow Afilio to continue in their mission to democratise access to affordable and transparent whole life cover,” concluded CommerzVentures’ Paul Morgenthaler.
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