Swedish insurtech firm Insurely has formed a partnership with northern European financial services group SEB to explore opportunities in the open insurance space.

As part of the partnership, SEB Venture Capital will join Insurely’s €19m Series A funding round announced last month.

SEB Venture Capital joins the likes of Insight Partners, Alfvén & Didrikson, Luminar Ventures, Philian, and Neptunia Invest as Insurely’s investors.

Founded in 2018, Insurely is an open insurance platform, which allows insurers and other financial companies to access real-time data using APIs.

Insurely said that it hopes that the tie-up with SEB will help banks see the advantages of digitising their insurance services.

Insurely CEO and co-founder Martin Einemo said: “As the industry keeps transforming, we can offer banks a competitive edge by giving the end consumers a smoother experience and allowing them to get a digital overview of all their finances in one place.

SEB head of exploratory banking & strategic partnerships Stefan Stignäs said: “We now take the next step and are very proud to announce a strategic partnership with Insurely within the insurtech and Open Insurance space. We look forward to working closely with them as we start exploring ways to digitalise our insurance offering.”

SEB Venture Capital investment manager Fredrik Ljungblad said: “Open insurance is where open banking was 3-4 years ago and we see a clear development potential within this area, making this a very exciting investment.

“Insurely is very well positioned within this space and we look forward to working with them and being part of their continued journey.”

Recently, Insurely entered the Danish insurance market by partnering with Undo on auto insurance.