Fasst, French insurtech, has just completed a funding round worth 27 million euros. An encouraging performance in an unfavorable context, which will enable it to pursue its growth ambitions.
Income that has exploded
Founded in 2017 by insurance experts Xavier Favre and Yasser Echoukry, Fasst does not compete with traditional insurers. Instead, it offers solutions aimed at digitalizing their productswith a focus on the complex sectors of health, savings, retirement and foresight.
“ Its SaaS platform allows distributors to improve their commercial performance, their time to market, reduce their maintenance costs linked to regulations and seamlessly manage subscription journeys thanks to an omnichannel approach. », specifies a press release from Bpifrancewho participated in this fundraising. Fasst counts big names in the insurance industry among its clients, such as Malakoff Humanis, AG2R La Mondiale, Groupama and Covea.
Based in Angoulême, with offices in Paris and Bordeaux, the startup “ displays strong growth dynamics, marked by a significant increase in its turnover and a doubling of its recurring revenues over the last twelve months “. Fasst therefore expects to record revenues of 12 million euros in 2024; they stood at 1 million euros in 2021.
This round of financing reflects the enthusiasm of investors for its solutions, while the financing sector is experiencing a period of turmoil. This is also the case in the insurtech field, as demonstrated by the fall of Luko last year. The platform which offered 100% online home insurance has since been bought by the German giant Allianz Direct.
Big ambitions
Fasst thinks big, and intends to use the funds raised to put his plans into action. This will first of all involve recruiting new people, who will join its 95 employees. The young company also intends to internationalize in Luxembourg to begin with, then potentially in Spain, Germany and Italy.
She will also continue “ to enrich its platform by developing new modular and flexible functionalities, to better meet the needs at the heart of insurers’ mission “.
“ Fasst has demonstrated its exceptional know-how by accelerating the digitalization of distribution in the insurance and wealth management sector. This cutting-edge expertise has brought undeniable value to insurers and wealth managers, as well as their teams and clients. », comments Mamoun Alami Idrissi, investor in the Large Venture fund of Bpifrance.
- Insurtech Fasst raises 27 million euros.
- This is a remarkable performance, despite the economic context being unfavorable.
- Its solutions allow traditional insurers to digitalize their offers and products.
