Wefox Raises $110M Funding, Including $55M Credit Facility From J.P. Morgan And Barclays - Barclays (NYSE:BCS), JPMorgan Chase (NYSE:JPM)

Wefox, the Berlin-based insurtech, raised $110 million in a new round of funding.
JPMorgan Chase & Co JPM and Barclays PLC BCS provided $55 million in a revolving credit facility, and an additional $55 million in equity was raised from existing and new investors.
The company stated that the funding comes on the heels of Wefox delivering a record first-quarter financial performance and signals the company’s clear path toward profitability.
The company said it maintained its $4.5 billion valuation from a July funding round — somewhat rare in today’s market, with many fintechs seeing their valuations slump drastically, reported CNBC.
“The second close of our Series D round ensures we continue focusing on building an international business with a strong path to profitability. We have already taken important measures to fortify our business for the future and early Q1 financial performance shows that we are in good shape to navigate the challenges ahead and continue our international growth in a sustainable way,” commented Julian Teicke, CEO and co-founder of Wefox.
Price Action: JPM shares are trading higher by 0.41% at $134.32 and BCS by 0.65% at $7.70 premarket on Wednesday.
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