YPOG advised the shareholders of Friendsurance on all legal and tax aspects in connection with the sale of the Berlin-based insurtech company to Cover Genius. The parties have agreed to maintain confidentiality regarding the purchase price. The transaction has closed with immediate effect.
Friendsurance is a Berlin-based digital bancassurance platform that enables financial institutions and insurance companies to seamlessly embed insurance protection into the banking experience. The company was founded more than a decade ago by Janis Meyer-Plath, Sebastian Herfurth and Tim Kunde and has since built deep networks with European banks and extensive regulatory expertise across the DACH region. Friendsurance's bank-grade technology leverages PSD2 open banking rails and is designed to meet the requirements of the GDPR.
Cover Genius is a globally operating provider of embedded protection infrastructure, covering more than 73 million customers worldwide across 240 million policies in more than 60 countries. Its partners include companies such as Klarna, Revolut, Stripe, Booking.com and Uber. Through the acquisition, Cover Genius combines its global reach and infrastructure with Friendsurance's local technology and regulatory expertise to provide European banks with a protection infrastructure that is compliant and fully optimized. The entire Friendsurance team will join Cover Genius as part of the transaction.
"Friendsurance has spent more than a decade building a technologically mature platform and a strong network of European financial institutions. We are delighted to have advised the shareholders on this transaction", says Dr. Martin Schaper, Partner at YPOG.
Team
Dr. Martin Schaper (Lead, Transactions), Partner, Berlin
Pia Meven (Transactions), Associated Partner, Berlin
Dr. Oliver Junk (Transactions), Associated Partner, Köln
Anja Schindler (Transactions), Senior Associate, Berlin
Charlotte Petrasch (IP/IT/Data Protection), Associate, Berlin
Jörg Schrade (Tax), Partner, München
Dr. Jacob Schreiber (Tax), Senior Associate, Munich
Ninetta Kleindienst (Tax), Associate, Munich
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About us
YPOG stands for You + Partners of Gamechangers – forward-thinking legal and tax advice. Supporting companies that are focused on emerging technologies, YPOG embraces change as an opportunity to develop cutting-edge solutions. The YPOG team offers comprehensive expertise in the areas of Funds, Tax, Transactions, Corporate, Banking, Regulatory + Finance, IP/IT/Data Protection, Litigation, and Corporate Crime + Compliance + Investigations. YPOG is one of the leading law firms in Germany for venture capital, private equity, fund structuring, and the implementation of distributed ledger technology (DLT) in financial services. Both the firm and its partners are regularly recognized by renowned national and international publications such as JUVE, Best Lawyers, Chambers and Partners, Leaders League, and Legal 500. YPOG is home to more than 180 experienced attorneys, tax advisors and tax specialists as well as a notary, working across offices in Berlin, Cologne, Hamburg, Munich and London.
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