Xpension, a German corporate pension and life insurance company, has raised €25m in a Series C funding round led by HPE Growth with participation from existing investors.
The total funding raised by the insurer to date is estimated to be over €50m.
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The company will use the proceeds to ramp up its pension and life insurance SaaS platform.
In addition, the company plans to expand the offering into private pension and life insurance as well as corporate health insurance.
The fresh infusion will also support the launch of the Xpension platform in selected European countries.
Xpension CEO and founder Martin Bockelmann said: “Our vision is to enable every person to get the right pension & life insurance protection for themselves and their family.
“After several years of intensive R&D and broad-based user acquisition, this partnership with HPE Growth allows us to unleash the full potential of our platform in Germany and abroad.”
As part of the deal, HPE Growth co-founder and partner Tim van Delden gained a seat on the supervisory board of Xpension.
Currently, over 40 life insurers and sales organisations, 11,000 insurance agents and 3,000 SMEs use Xpension’s platform.
HPE Growth partner Tim Delden said: “The move online of the €2.5trn global pension & life insurance industry is a huge topic. 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.”
