Xpension (“xbAV AG”), the German market leader in digitizing corporate pensions & life insurance increased € 25 million in its Series C financing round. This requires a total fund of more than € 50 million.
The financing round was led by HPE Growth, one of Europe’s leading growth investors. The van Delden Team, Co-Founders and Partners at HPE Growth, will join the Xpension Supervisory Board.
Existing investors Cinco Capital, led by Lars Hinrichs (founder of XING and chairman of Xpension), and Armada Investment, led by Daniel S. Aegerter (founder of Tradex), participated in a round of significant size.
Growth financing will be used to:
• Enhance Xpension’s leading company Pension and life insurance SaaS platform on the market in Germany;
• Expand the offer to become personal pension & life insurance and company health insurance;
• Prepare for the launch of the Xpension platform in selected European countries.
At present, more than 40 life insurance and sales organizations, 11,000 insurance agents, and 3,000 SMEs use the Xpension platform. They benefit from user-friendly information and customer travel, transparent and efficient processes, and a single SaaS platform to connect all stakeholders. Xpension continues to build on its strong growth momentum with a 4x increase in recurring income in 2019.
“The online movement of the global pension & life insurance industry worth € 2.5 trillion is a big topic,” said Tim van Delden, Partner at HPE Growth. “SaaS platforms like Xpension – which connect life insurance companies, agents, and their corporate and personal customers to buy and manage policies – will change the game. The platform’s rapid growth highlights the strength of the underlying demand and the impressive team execution to date, and we are eager to further support Xpension with our resources and expertise. “
“Our vision is to enable everyone to get the right pension & life insurance protection for themselves and their families,” added Martin Bockelmann, CEO & Founder. “After several years of intensive R&D and broad-based user acquisition, this partnership with HPE Growth allows us to unleash the full potential of our platforms in Germany and abroad.”
“We are pleased to welcome HPE Growth – a proven scale improvement expert – to our investor network,” said Malte Dummel, CFO. “Funding this growth further advances our ambition to drive digital transformation in the life insurance industry.”
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