FinLeap’s insurance venture Clark has successfully finished its Series A financing round of 13.2 million Euros, one of the largest financing rounds of a European Fintech company.
Since the beginning of this year, the company has increased the volume of managed insurance premiums by a factor of fifteen to 30 million Euros. Seeing Clark’s growth, already-existing and new investors such as FinLeap, yabeo Capital, Kulczyk Investments, HitFox, TA Ventures, Tenderloin Ventures and GMPVC invested several million Euros. In addition, Axel Springer and SevenVentures participated through media investments. The newly acquired capital will be used towards the development of the company’s technology platform and the further growth of the team.
Today, we had a short conversation with the three co-founders of Clark – Christopher Oster, Steffen Glomb, and Marco Adelt – about the funding round, the Robo-Advisor, and Clark’s mobile app.
Clark’s Management team from left to right Steffen Glomb, Christopher Oster, Marco Adelt
FinLeap.com: You got 13.2 million in funding! What’s your secret to convincing the investors?
Christopher Oster: The best argument is a great product and customer traction. We are the first company to bring robo-advisory to the insurance industry. Our algorithms ensure great advisory for our clients and allow us to do our business with an efficient team size.
FinLeap.com: You’ve been developing a Robo-Advisor for insurances. Is this the future? How does it work?
Steffen Glomb: Certainly, the Robo-Advisor improves satisfaction for our customers today already. The Clark Robo-Advisor algorithms are working through our customer and market data to identify optimization opportunities and give advice. Customers automatically receive chat messages, which highlight opportunities to optimize their situation. Our approach to automation involves many checks and balances to ensure the best advice. Over time, our algorithms will represent knowledge from the broad range of insurance experts we have at Clark and the Robo-Advisor will possibly start to outperform an individual in some areas.
FinLeap.com: Clark’s app aims to simplify the complex managing of insurances for its users. How do you achieve this?
Marco Adelt: Our app features an insurance cockpit, which shows our customers their “insurance fitness”. This works similar to apps like Runtastic or Nike running, where users see their health level. Driven by industry-specific algorithms our customers can easily understand how they can improve their insurance situation. With just a few clicks, clients can optimize their contracts or can get in touch with one of the Clark insurance experts.
FinLeap wants to congratulate Clark for the incredibly successful funding round. Keep it going guys!