Embedded insurer Companjon and European challenger bank bunq join forces to bring users digital insurance
The strategic partnership brings bunq users in European markets an end-to-end embedded insurance solution that automatically compensates for financial loss incurred
DUBLIN, Ireland, Feb. 07, 2023 (GLOBE NEWSWIRE) — Companjon, a leading insurtech specializing in digital-driven embedded insurance, today announced its partnership with bunq, the second largest neobank in the European Union. Through this move, Extended Warranty and Purchase Protection will now be provided to bunq users by Companjon. Extended Warranty and Purchase Protection is an insurance product designed to cover the financial loss incurred for certain goods purchased by bunq Easy Green users.
bunq strives to build a greener future for everyone, together with its users. Its flagship subscription plan Easy Green enables users to offset their carbon footprint in less than two years, by having bunq plant a tree for 100 euros spent with any of their bunq cards. To bring more security and peace of mind, bunq Easy Green users will now automatically be covered with Companjon insurance when purchasing certain goods using their bunq Metal Card.
“We’re excited to partner with a de-facto innovator the likes of bunq and to enhance their users’ banking experience,” said the CEO of Companjon, Matthias Naumann. “Companjon’s embedded insurance solutions complement bunq’s product portfolio and strong market position and we’re looking forward to working together to bring value and peace of mind for end-customers.”
“In everything we do, we strive to make our users’ lives easy. By offering our Easy Green users added security when using their bunq card, we make sure they can focus on whatever’s important to them instead of money admin,” says Ali Niknam, founder and CEO of bunq.
About Companjon
Companjon is a leading insurtech based in Ireland, specializing in embedded insurance that’s end-to-end and fully digital. Companjon brings its partners’ customers unique, flexible, and fully automated insurance tailored to their online purchases. Companjon seeks to change the way people think about insurance, by creating seamless and positive experiences when things don’t go as planned. With an extensive portfolio of usage-based insurance solutions, we help our partners enable business growth, increase customer loyalty, and generate additional revenue.
About bunq
bunq was founded in 2012 by serial entrepreneur Ali Niknam (1981) after he secured the first European banking permit in over 35 years. He set out to radically change the traditional banking industry and was bunq’s sole investor until 2021, financing the company with €98.7m of his own money. This provided bunq with the freedom and independence to build a bank rooted in the wants and needs of its users. In April 2021, their deposits surpassed €1 billion for the first time, having doubled in 2019 and then again in 2020.
In July 2021 bunq announced the largest series A round ever secured by a European fintech. bunq raised €193 million in a deal with British private equity firm Pollen Street Capital, valuing bunq at approximately €1.6 billion. At the same time, bunq also reported its first-ever profitable month. The first investment of external capital will help bunq to further expand across Europe and to continue incorporating M&A as part of its business growth strategy. As part of the deal, bunq acquired Capitalflow, a Dublin-based company which lends to SMEs across a broad range of sectors in the Irish economy. In May 2022 bunq welcomed 5.4 million new users to its community with the acquisition of Belgian fintech TriCount, a move that made bunq the EU’s second-largest neobank.
Contact
Fabiana Rea [email protected]
