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Cover Genius acquires digital bancassurance provider Friendsurance
The Berlin-based company, founded in 2010, says it serves nearly 150,000 customers, and disclosed about $23 million in funding before the deal.
Cover Genius, an embedded insurance firm, has acquired Friendsurance, a Berlin-based provider of digital bancassurance solutions, according to the deal announcement covered by Coverager.
Friendsurance, founded in 2010, publicly disclosed roughly $23 million in funding and said it serves nearly 150,000 customers.
Cover Genius said Friendsurance’s technology and bank networks are intended to support embedded protection in European banking, including across the DACH region, where it cited banks’ need to move beyond legacy cross-selling.
Cover Genius CEO Angus McDonald and Friendsurance co-founder and CEO Tim Kunde said the combination will bring scale and resources to deliver an integrated protection layer and a unified customer and partner experience for European financial institutions.