Xpension, a German digital corporate pension and life insurance brand, announced on Monday it secured €25 million through its Series C funding round, led by HPE Growth with participation from Cinco Capital, led by Lars Hinrichs (Founder of XING and Chairman of Xpension), and Armada Investment.
Founded in 2007, Xpension describes itself as an independent technology provider with shared-service solutions for occupational pension management and consultancy. The company currently has more than 120 staff members its Munich, Saarbrucken, and Berlin offices. It was also revealed:
“Currently, more than 40 life insurers and sales organizations, 11,000 insurance agents and 3,000 SMEs use the Xpension platform. They benefit from user-friendly information and customer journeys, 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 revenues in 2019.”
The funds from the investment round will be used for the following:
- Scale-up Xpension’s market-leading corporate pension & life insurance SaaS platform in Germany
- Expand the offering into private pension & life insurance and corporate health insurance
- Prepare the rollout of the Xpension platform in selected European countries
Speaking about the investment, Malte Dummel, CFO of Xpension, stated the financing will further advance he and his team’s ambition to “drive the digital transformation in the life insurance industry.” Martin Bockelmann, CEO and Founder of Xpension added:
“This partnership with HPE Growth allows us to unleash the full potential of our platform in Germany and abroad.”