Wechselgott receives 5.6 million euros - cooperation with Volksbanks

The Leipzig-based InsurTech Wechselgott has raised €5.6 million. Investors include broker pool Fonds Finanz and Volksbank Mittelhessen.

After its latest round of financing, the start-up Wechsegott, founded in 2019, is now worth 28 million euros. With the investment, the insurtech aims to develop new products and expand its offering.

As reported, Fonds Finanz has joined as a new investor. Finance Forward reported. The largest German broker pool is a known quantity on the insurance market. Volksbank Mittelhessen has also invested in the start-up. "We are convinced that the young FinTech will quickly gain further market share with its sophisticated, digital solution," Lars Witteck, board member of Volksbank Mittelhessen, told the IT Finance Magazine.

16 credit unions now offer their customers the Wechselgott service. They link the offer on their websites. If Volksbank customers then switch to a cheaper contract via Wechselgott, the start-up receives 20 percent of the savings. In turn, the Volksbanks get half of that.

Wechselgott was founded in 2019 in Leipzig and aims to optimize insurance switching. Users connect their bank accounts to a free app. It automatically recognizes the concluded insurance contracts and lists them. In addition, Wechselgott suggests cheaper contract alternatives.