Luther advised WechselGott on the deal.
The contract manager start-up WechselGott raised a total of EUR 5.6 million via the Series A financing. The post-money valuation is EUR 28 million.
The financing round was led by Germany’s largest broker pool Fonds Finanz and Volksbank Mittelhessen eG.
Germany’s largest broker pool, Fonds Finanz, is joining FinTech and InsureTech company WechselGott. The so-called pools, associations of brokers, play an important role in Germany, especially in insurance sales. In addition, Volksbank Mittelhessen, another cooperative bank, is participating in the FinTech. This shows that banks and credit institutions are increasingly investing equity in start-ups. With the new investment, WechselGott plans to expand its offering as well as its product portfolio.
The WechselGott app uses a bank interface to easily manage electricity, gas and insurance contracts. The user’s existing contracts are recognised fully automatically using the latest technology and compared independently on the market. Contracts that are too expensive can be optimised directly; searching, comparing and uploading contracts is no longer necessary. The start-up itself acts as a broker for the relevant contracts.
WechselGott has been offering its fully automated contract manager in Germany since 2019. Using transaction data from online banking, existing contracts are automatically identified and permanently optimised. Initially limited to electricity and gas tariffs, WechselGott now also offers its automatic switching service for property insurance. Customers can also conveniently take out new insurance policies in the app or cancel types of contract that are no longer needed, e.g. for the gym, newspaper subscriptions and the like. The company’s service is aimed directly at the end consumer. In addition, it offers its services to banks and other partners as a service provider. Since, according to the Federal Network Agency, 76% of Germans have never changed their electricity provider and no other company has been able to offer such automatic recording and processing of electricity, gas and insurance contracts, WechselGott is the technology leader in Fin- & InsureTech here.
The Luther team included Philipp Glock (Picture – Partner, Lead), Michael Ströbel, LL.M. (Senior Associate), Dr Rolf Kobabe (Partner), Dr Alexander Mönnig, LL.M. (Counsel), Dr Wulff-Axel Schmidt (Partner) and Pierre Daniel Wittmann (Associate).
Involved fees earner: Philipp Glock – Luther Rechtsanwaltsgesellschaft mbH; Rolf Kobabe – Luther Rechtsanwaltsgesellschaft mbH; Alexander Mönnig – Luther Rechtsanwaltsgesellschaft mbH; Wulff-Axel Schmidt – Luther Rechtsanwaltsgesellschaft mbH; Michael Ströbel – Luther Rechtsanwaltsgesellschaft mbH; Pierre Daniel Wittmann – Luther Rechtsanwaltsgesellschaft mbH;
Law Firms: Luther Rechtsanwaltsgesellschaft mbH;
Clients: WechselGott GmbH ;