Xpension, the Munich-based company digitising corporate pension and life insurance, has raised a €25 million Series C round, bringing its total funding just above €50 million. The round was led by HPE growth, whose. Existing investors Cinco Capital and Armada Investment also participated.
“The move online of the €2.5 trillion global pension and life insurance industry is a huge topic,” says Tim van Delden, co-founder of HPE Growth who will join the German company’s board. “A SaaS platform like Xpension – which connects life insurers, agents and their corporate and private customers to buy and manage policies – will be a game changer.”
Indeed, just last week Finch Capital predicted that the business of digitising insurance will likely remain strong, despite the expected post-pandemic economic recession. According to a press release, Xpension revenues increased fourfold in 2019.
The investment will fuel the rollout of the SaaS platform in certain European countries, as well as expand the digitalisation offering to private pension and life insurance.