Insurely secures additional funding to accelerate its international expansion, driving the open finance development in Europe
In an investment round co-led by new investor CNI and existing investor Opera Tech Ventures, Insurely has secured additional funding to accelerate its international expansion and product development. This investment aims to strengthen Insurely’s position as the leading open finance provider for insurance and pension solutions in Europe.
On the back of a successful year, having added multiple established financial institutions to the client list, Insurely is now raising €8 million through a convertible note with CNI as leading external investor, accompanied by Opera Tech Ventures who is increasing its investment in the company, and with additional investments from existing shareholders including Insight Partners and SEB, among others. This capital injection will fuel Insurely’s ongoing expansion across Europe and support further development of its open finance technology, which has the potential to enhance transparency and efficiency within insurance and pension on a broad scale across Europe, empowering consumers to make informed decisions regarding their financial products.
Open finance has quickly emerged as a key market driver in the European financial industry given the regulatory development. The release of the proposed regulation Financial Data Access (FIDA) by the European Commission in June 2023 has brought clarity to a legal framework for financial data access in the EU.
“Implementing an open finance regulation on EU level is something that we have been proactively supporting for years, and we are very happy to conclude this year with more clarity in terms of what a future regulation might look like. The proposal of FIDA earlier this year has also been a clear trigger for increased commercial interest in Insurely’s products in multiple markets in Europe. This investment will enable us to serve many more clients in such markets, starting off with France where we are just about to go live with a few of the leading banks and insurance companies in the coming months.
Further, we are very happy to welcome CNI to our base of already strong investors in Insurely. CNI’s hands-on approach and highly relevant experience from previous investments in related areas will help us take the company to the next step on our continued growth journey. We are also happy that existing investors Opera Tech Ventures, Insight Partners and SEB continue to believe in Insurely, as clearly shown through their investments.” says Martin Einemo, CEO & Co-founder of Insurely
“We are impressed by the Insurely team and the traction they have built over the last years. The combination of Insurely’s thought leadership, strong value proposition and product market fit in an industry that is about to undergo a significant digital transformation aligns well with CNI’s investment philosophy. We believe that Insurely is well positioned to unlock the full potential of relevant data for insurance and pension companies across Europe. We are very pleased to partner with the Insurely team and look forward to the exciting growth journey ahead.” says Erik Ejerhed, Partner at CNI
About Insurely:
Insurely, headquartered in Stockholm, was founded in 2018 with the mission of transforming the insurance industry with the commitment of creating a more open and transparent market by introducing innovative API’s and user-friendly solutions for open finance – now focusing on insurance and pension.
With the help of open data and cutting-edge technology, Insurely provides insurance companies and banks with solutions that enhance the experience for their customers. This allows them to gain a deeper understanding of their customers, leading to increased conversion and strengthened customer satisfaction while consumers are empowered to make informed decisions covering all relevant aspects for their insurance and pension products. The entire process is carried out in a seamless digital flow, with real-time data sharing, making it easy and efficient for everyone.
During 2022, Insurely raised ca €20 million in a Series A funding round that was led by Insight Partners with participation from Ampli Ventures, SEB and Opera Tech Ventures. Previous investors, Luminar Ventures, Philian, and Neptunia Invest continued investing in the Series A funding round.
About CNI:
CNI is a Nordic growth equity investor partnering with exceptional entrepreneur-driven companies that reshape traditional industries through transformative digitalisation and data-driven business models. CNI was founded in 2011 and has to date successfully funded and supported 35 companies in the Nordic region. With a flexible investment mandate, CNI has a focused and pragmatic approach to funding, building and scaling businesses across a wide range of sectors and industry verticals. For more information, visit www.cninordic.com
About Opera Tech Ventures:
Opera Tech Ventures is BNP Paribas’ VC arm, launched in 2018 with the objective to invest in startups that transform or disrupt the financial industry. The fund is managed by BNP Paribas Asset Management, as part of its Private Assets division, dedicated to private asset management. With a global scope, Opera Tech Ventures supports entrepreneurs building ambitious ventures from Series A to Series C with investments ranging from 3 to €15m.
About Insight Partners:
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
