The round was led by CommerzVentures, the specialist fintech investor behind successes including Bought By Many, eToro, Marqeta, and By Miles, who were also joined by Speedinvest, while existing investors Cherry Ventures and Cavalry Ventures participated.
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Founded by university friends Till Oltmanns, Philip Harms, and Richard Musiol, Afilio offers its customers a comprehensive and easy to use digital platform for selecting insurance, managing policies, and storing documentation relating to personal estates.
Afilio addresses issues around the complex, time-consuming and costly process of personal estate management, granting clarity and control through technology that is accessible for older generations and their family members. This burden typically falls on older members of the family, who may struggle to navigate the process across multiple platforms to ensure that they have comprehensive protections needed for retirement and end of life planning. The market as it currently stands lacks transparency around costs and unnecessary products, with broker and advisory fees adding further complexity for consumers.
The new funding will be used to expand the platform and develop Afilio’s offerings, including an Afilio Family option for multi-generational planning and insurance cover. Following success in the German market, the funds will also be used for expansion into international markets, alongside a high-growth recruitment drive.
Afilio’s subscription-based model unifies the disparate strands of personal estate management; legal, financial, and retirement/end of life planning, into a centralised, holistic platform which places its users’ wellbeing at its heart. On the platform, customers can take charge of managing their own estate with the confidence of Afilio’s trusted advice portal.
Afilio’s software provides personalised expert recommendations for insurance cover, providing tariffs without commissions which are up to 15 per cent cheaper than comparison sites. Users can also create and officially register legal documents with Afilio Plus, including living wills, power of attorney, and pension provisions.This allows family members and providers to view documents in a single location, simplifying the experience and reducing the administration burden for families.
Afilio, which launched in 2017, saw their active subscription volume grow 611 per cent YoY in 2020. Afilio also provides access to digital document creation and advice for 2 million registered users through their freemium option. Users of this freemium service are offered the opportunity to fund Afilio’s mission to democratise personal estate management and in exchange benefit from additional features – to date these users have contributed over EUR6 million.
Till Oltmanns, co-founder and CEO of Afilio, says: “Afilio was founded on the premise that everyone, regardless of their age or familiarity with digital services, should have access to simple, transparent, and affordable insurance and legal protection for themselves and their loved ones.
“We empower our users with the knowledge and products they need to plan for all of life’s eventualities, and as a team we’re committed to broadening the platform to encompass all aspects of personal estate management. With over 2 million registered users on our platform, we’re looking forward to supporting even more families to protect themselves and their loved ones from their first job to retirement.”
Paul Morgenthaler, Partner at CommerzVentures, adds: “Afilio is an exciting example of innovative technology that can make complex and stressful legal and insurance processes manageable for consumers. With huge scope to add on additional services including retirement planning and care provisions, this new funding round will allow Afilio to continue in their mission to democratise access to affordable and transparent whole life cover.”
Source: Private Equity Wire
