WEFOX AND GATE FROM IVECO ANNOUNCE NEW AFFINITY PARTNERSHIP

wefox, one of the world’s leading insurtechs, and GATE (Green & Advanced Transport Ecosystem), have formed a new partnership that uses digital solutions and a pay-per-use formula for the long-term rental of electric commercial vehicles, founded by Iveco Group. 

The multi-year deal will support GATE in revolutionising electric commercial transport through a pay-per-use formula, innovative and long-term rental. GATE is a pioneering digital service that unlocks the future of the mobility business. This first phase will see GATE supply an all-inclusive offer, devised in three flexible packages, providing clients a world of benefits in each kilometre. The solution includes 100% green vehicles, a digital ecosystem of services, maintenance & repair, telematics, recharging and insurance.

Julian Teicke, CEO at wefox said: “Our new deal with GATE from IVECO is another endorsement of our strategy to strengthen our distribution capabilities via our global Affinity business. We are now delivering on our plans to build a tech platform that enables more companies to benefit from insurance products.  Our partnership with GATE is exactly that in action.”

Customized insurance products are embedded in GATE’s rental offer for electric commercial vehicles. Working to the company's specific needs, wefox identified the best products and supported GATE, enabling an all-inclusive formula. wefox will also manage the insurance chain from beginning to end via the organisation's third tech hub in Milan. The entire operation is digital, according to today’s needs and GATE’s fully digital ecosystem.

Simone Olivati, President, Financial Services, Iveco Group, and Head of GATE: “GATE is an exciting new opportunity  for the world of goods transport and bringing a fully electric rental service to market, complete with insurance in play, allows our new business to exceed the needs and expectations of our customers. wefox is a natural choice for us. They believe in teamwork, collaboration and aren’t afraid of pushing boundaries. The combination of the wefox business model, knowledge, newly developed international scale and their technology platform was a perfect fit.”

About wefox

[GER]

wefox. Empowering Insurance.

wefox wurde 2015 von Julian Teicke, Fabian Wesemann und Dario Fazlic gegründet. wefox ist ein Insurtech mit einem einzigen Ziel: Empowering Insurance; die Sicherheit von Menschen gewährleisten, indem wir Versicherungen zugänglich machen. Seit der Gründung 2015 hat das Unternehmen seinen Umsatz jährlich verdoppelt und lag 2022 bei 580 Mio. USD. wefox hat aktuell über 2 Mio. Kunden in seinen Märkten Österreich, Deutschland, Italien, Polen, den Niederlanden und der Schweiz. Im Mai 2023 sicherte sich wefox eine Kreditfazilität von 55 Mio. USD von J.P. Morgan und Barclays und einen zweiten Abschluss seiner Series D in Höhe von 55 Mio. USD ab. wefox ist mit 4,5 Mrd. USD bewertet.

[ENG]

wefox. Empowering Insurance.

wefox was founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic. wefox is an insurtech driven by a single purpose: enabling people to be safe through empowering insurance. Since launching in 2015, the company has doubled its revenues every year to reach US$580 million in 2022 serving more than 2m customers across Austria, Germany, Italy, Poland, The Netherlands and Switzerland where wefox currently operates. In May 2023, wefox secured US$55m credit facility from J.P. Morgan and Barclays alongside a $55m second close in its series D at US$4.5bn valuation.


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