Knip, a digital insurance manager, has secured $15.7 million in Series B round of funding led by US-based Route 66 Ventures along with Creathor Venture from Germany, QED investors from USA, existing investors – Orange Growth Capital and Redalphine. This funding is considered the largest for any FinTech in Switzerland.
Founded in 2013, the Knip app takes care of all the insurance brokerage and policy management process to the mobile phone. This includes giving the user an overall picture of existing insurance policies, tariffs and services and it also automatically analyses the insurance coverage to spot any potential gaps and offers suggestions to improve the individual insurance protection. Available for iOS and Android, the app has seen 330,000 downloads in Germany and Switzerland. In the matter of three months, it became a market leader in Germany.
Dennis Just, founder and CEO of Knip said, “After resounding success in Switzerland, we are now also registered in Germany to grow rapidly. With the support of our investors, we will continue enhances the development of the app, optimize processes and enhance the real-time communication with the customer.”
On investing in Knip, Pascal Bouvier from Route 66 said, “Knip has recognized the trend toward digitization of the insurance industry and therefore fills a gap for the user. We as donors intend to support Knip and promote the success in the future. Not only financially, but also with experience and know-how.”
The startup Knip has a team of brokers who work on salary basis, offer advice on insurance products, tariff and services to help optimize insurance plan. The app is completely free of charge allows its user to change tariff and alter the policies. It generate revenue from the fees paid by the insurance companies it partners with or by charging commission for new insurance contacts. With a team of 80 employees, the startup operates in Zurich, Berlin and Belgrade.