Wechselgott receives 5.6 million euros - cooperation with Volksbanks

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

Following its latest financing round, the start-up Wechsegott, which was founded in 2019, is now worth 28 million euros. The Insurtech wants to use the investment to develop new products and expand its offering.

Fonds Finanz has joined as a new investor, as Finance Forward reports. The largest German broker pool is a well-known player in 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 well thought-out, digital solution," says Lars Witteck, Member of the Board of Volksbank Mittelhessen, to the IT finance magazine.

16 Volksbanks now offer their customers the Wechselgott service. They link to the service on their websites. If Volksbank customers then switch to a cheaper contract via Wechselgott, the start-up receives 20 percent of the savings. The Volksbanks in turn receive half of this.

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