Two insurance companies are getting on board with fintech Comeco

Previously, the investors included seven independent Sparda banks in addition to Sopra Steria. DEVK Versicherungen and Süddeutsche Krankenversicherung are now also involved.

With its TEO app, the Stuttgart-based fintech Comeco wants to link online banking and offers such as vouchers. DEVK Versicherungen and Süddeutsche Krankenversicherung (SDK) have now also invested. The two insurance companies will support the start-up in the further development of its multibanking app TEO. In addition to Sopra Steria, the circle of investors to date includes seven independent Sparda banks.

TEO is available as a mobile app and, since summer 2020, also as a browser-based web application. Among other things, it includes multibanking, which allows users to merge all bank details and make transfers via the app. The "financial weather" function can be used to calculate how much money is still available until the next regular cash inflow. Features such as a contract and insurance manager are designed to create additional transparency about the overall financial situation. Users can also receive discounted lifestyle vouchers from many brands and retailers via the app.

"Thanks to the new partners, we will soon be able to provide users with interesting insurance solutions and additional added value within the TEO digital ecosystem," says Stefan Bisterfeld, Managing Director of Comeco. "At the same time, we will also be integrating new functions into the TEO app."