Getsafe, a Heidelberg-based neo-insurer with its sights on capturing the millennial market, has acquired the German-speaking customer base of Parisian competitor Luko. In so much, the former gains the latter’s portfolio of some 50,000 policies, including Liability, Pet, and Home Contents insurance. The terms of the deal remain undisclosed.
With the acquisition, Getsafe now serves over 550,000 customers in four European markets, Germany, the UK, France, and Austria. The firm initially offered renters insurance in Germany in late 2017, and at the end of 2020 moved into the car insurance business.
Upping the ante, in 2020 Getsafe expanded into the UK market, presumably replicating the German success with renters insurance. In 2021 the startup applied for, and received, its Federal Financial Supervisory Authority (BaFin, for short) licence.
Fast forward three years, the company claims that it has achieved profitability employs over 250 people, and says that 35 percent of its customers use the Getsafe service every month.
Luko expanded into Getsafe's turf in early 2022 through the acquisition of Coya, at which point the company served some 300,000 people.
On the acquisition, Getsafe CEO and founder Christian Wiens shared:
“This deal is a first for us, and we are more than happy to welcome Luko's German customers to the world of Getsafe. We built our proprietary tech platform with scalability in mind from day one. The post-merger integration took us only a few weeks. From a technical perspective, integrating Luko's customer base was as easy for us as launching a new product.”
Lead image via Getsafe.