Source: TechCrunch
There is some fine print however. In addition to the traditional equity-for-cash financial transaction, a portion of this funding round is a debt facility. It’s around 60% in equity and 40% in debt, according to the company. So it’s more like a €30 million round with €20 million in debt on top of that.
Neat helps other companies sell insurance products to their own customers. In insurance lingo, it focuses on affinity insurance contracts linked to another service or product. Neat focuses on embedded insurance products, which means that partner retailers find insurance customers for it. As a result, retailers also get a commission on each insurance product sold, but they don’t have to deal with the complexities of the insurance industry directly.
“In our business, we usually say that we hold the company’s checkbook, in the sense that we create our own rates, products, and policies. At the same time, we outsource the risk to insurers or reinsurers that trust us,” said Neat co-founder and CEO Maximilien Dauzet.
“Despite some organic growth, insurance companies were still facing a great level of discontent. And so, the real solution is to bring together the entire value chain in a single company, so that we can see things from the same angle and align the interests of our policyholders and our distributors,” Dauzet said.
