Germany-based Xaver, a fintech startup, has introduced its B2B AI platform for life insurance and private pensions as well as secured €5M in a pre-seed round of funding. Xaver claims that this round is Europe’s largest fintech pre-seed funding of 2024 to date.
The German fintech platform empowers banks, insurers, and brokers to enhance operational and sales efficiency by up to 65 per cent through AI utilisation and innovative private pension products, aiming to address Europe’s pension gap.
Investors supporting the oversubscribed round
The investment was led by Motive Ventures and Cavalry Ventures.
Additional investors include several former C-level executives from banks and insurers, such as Martin Blessing (Commerzbank, UBS), Thomas Münkel (Allianz Group, UNIQA), and Matthias Setzer (Meta, PayPal).
Founders including Julian Teicke (Wefox), Raffaele Terrone (Scalapay), Felix Ohswald (GoStudent), Elmar Broscheit (Gorillas, Macquarie), Michael Wax (Forto), Jessica Holzbach (Penta/Pile), Tushar Ahluwalia (Razor Group), and Christian Reber (Pitch, Superlist), as well as Mario Götze, are also among the investors.
Fintech scouts from Sequoia, a16z, Lakestar Scout Fund, and EQT Ventures, along with participation from further funds like Robin Capital, The Delta, and Notion Capital, further contribute to the funding round.
Michael Hock, Partner at Motive Partners, says, “We have been closely observing the life insurance and pension sector for some time now, recognising its challenges including complexity, high costs, and inefficiencies.”
“Xaver aims to revolutionise this landscape. From our initial engagement with Max and Ole early last year, their comprehensive strategy has stood out to us, addressing both sales efficiency and financial product innovation.”
“We are confident that their B2B2C model is an ideal strategy to foster innovation and improve efficiency within the industry.”
An AI-enabled sales and product platform for life insurance and pensions
Xaver aims to tackle present challenges in life insurance and pension savings. According to the startup, its mission is to pioneer innovation and focus on solutions that prioritise the saver.
Max Bachem, Founder and CEO of Xaver, says, “Xaver’s mission is simple but powerful: Provide people in our society with a financially prosperous future. We believe that pension saving should be accessible, transparent, and cost-efficient for everybody.”
“Therefore, we empower financial institutions with compliant AI-driven tools and pension products to provide an unprecedented level of efficiency, convenience, and transparency. With Xaver, we think and build holistically to solve problems end-to-end driving towards ultimate customer value.”
The company offers a platform with two pivotal components: AI-driven financial advisory and sales technology for enhanced efficiency, and white-labeled private pension products in the form of the new Pan-European Pension Product (PEPP).
Xaver is gearing up to introduce a white-labelled PEPP, expanding its partners’ product portfolios. This offering equips Xaver’s partners with cost-effective pension solutions, empowering them to introduce novel, customer-centric offerings in a competitive market.
Xaver claims to revolutionise advisory and sales processes for banks, insurers, and brokers through AI-driven technology. By integrating personalised digital funnels and AI-powered agent interactions, Xaver creates an omni-channel experience.
Customers gain full transparency of their pension pot, identifying potential gaps and triggering actions for improvement.
The platform’s AI, Xaver.nova, assists both customers and agents by streamlining processes, ensuring compliance, and enhancing the overall customer experience in life insurance and pension sales.
Xaver’s leadership team includes Max Bachem, former CEO of Luko Insurance and Coya, Ole Breulmann, a seasoned tech entrepreneur with AI expertise, and Dr. Björn Holste, with a background in banking and Fintech.
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