Swedish Insurtech Startup Insurely Secures €8 Million Fundingby Fintechnews Nordics December 19, 2023
In an investment round co-led by new investor CNI and existing investor Opera Tech Ventures, Stockholm based Insurely has secured additional funding to accelerate its international expansion and product development.
This investment aims to strengthen Insurely’s position as an 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.
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.”
says Martin Einemo, CEO & Co-founder of Insurely
Featured image credit: Martin Einemo, CEO & Co-founder of Insurely and Lotta Rauséus, COO & Co-founder of Insurely