Wefox: wefox Group becomes the latest fintech unicorn thanks to its diverse business model

This story was delivered to Business Insider Intelligence Fintech Pro subscribers earlier this morning. To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here. Germany-based insurtech wefox Group has extended its initial $125 million Series B funding round, which closed in March this year and was led by Mubadala Ventures, with another $110 million injection, per a company blog post. This round has made wefox Group the latest fintech unicorn, with a valuation of $1.65 billion, according to sources cited by TechCrunch. The additional funding was led by OMERS Ventures, marking its first investment in a European insurtech, while other investors included Merian Chrysalis, Samsung Catalyst Fund, and Mundi Ventures. wefox Group will use the fresh funding to expand globally, with plans to launch its app in the UK next year, per the Telegraph.wefox Group is already present in six countries, and its two business units have grown significantly over the last few years. wefox Group has grown its sales to over $100 million since launching in 2015, and now employs 400 employees who serve half a million customers across six countries, including Germany, Austria, and Spain.See the rest of the story at Business InsiderSee Also:N26 is now offering cashback and discounts in the USVisa expands its suite of Visa Direct remittance partners with TransferWiseLloyd's of London has secured $395 million in debt funding for its wide-spanning digitization plan