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Augmentum hails “important development potential” of fintech portfolio

Augmentum Fintech believes that its portfolio of fintech investments “continues to offer important development potential”.

In an replace to the market, the fintech investor confirmed that its portfolio now includes 25 non-public fintech corporations, together with its newest addition – German insurtech agency Baobab.

Augmentum led a current funding spherical for the Berlin-based cyber insurance coverage platform, which specialises in serving small- and medium-sized enterprises (SMEs). Augmentum invested €3m (£2.64m) within the agency, representing the corporate’s first funding within the insurtech house.

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“We’re happy to steer Baobab’s new funding spherical,” stated Tim Levene, chief govt of Augmentum Fintech.

“We now have sturdy conviction that new dangers are driving alternatives in insurtech and cyber represents a quick rising and underpenetrated market.

“The crew demonstrates sturdy execution capabilities in creating a strong product, constructing out a quickly increasing community of dealer companions throughout Germany and have secured backing from a number one tier 1 capability supplier in Zurich.

“We look ahead to working with all the Baobab crew as they construct out this new European class chief in cyber insurance coverage for the underserved SME market”.

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Augmentum added that regardless of the present public markets volatility, the highest 5 corporations in its portfolio have delivered a median year-on-year income development charge of 102 per cent.

The highest 5 corporations embody Tide, the SME banking supplier which acquired Funding Choices final yr. Former peer-to-peer lending platform Zopa is the second largest fintech within the Augmentum portfolio.

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