xbAV raises $24m to grow its market-leading pension management platform
Munich, 22 October 2018 – xbAV AG (“Xpension”), the pension technology company, today announced its Series B financing round with a total volume of $24m.
The round is led by Armada Investment. Daniel S. Aegerter, Armada’s Executive Chairman and founder of Tradex, will join xbAV’s Supervisory Board.
Existing investors, led by Lars Hinrichs, Chairman of xbAV and founder of Xing, plus an international network of 20 venture capital, technology and insurance industry veterans, participated in the round.
xbAV plans to use the proceeds to:
• Roll out the first comprehensive digital solution for pension product providers, companies and consumers to implement the 2018 law to strengthen corporate pensions in Germany. This includes highly cost-efficient technology for managing the newly-introduced process of sector-wide auto-enrolment
• Meet significant demand for its Manager solution to help insurers and companies exchange all pension-related information in digital format and at a fraction of current costs
• Continue building its market-leading position with the Advisor solution, helping insurance agents advise companies and consumers, and manage the entire pension policy sale process digitally
20 of the leading life insurers in Germany, more than 5,000 insurance agents and more than 1,800 companies already use xbAV’s solutions.
“I am delighted to support xbAV in growing their unique retirement planning platform, which addresses the specific needs of each stakeholder through a scalable, digital platform,” says Daniel S. Aegerter. “The market is immense for a user-friendly and cost-efficient solution for comprehensive retirement planning for Germany’s aging population.”
Martin Bockelmann, CEO & founder of xbAV: “Our mission is to build technology to make pensions simple and accessible for everybody. Helping prevent old age poverty is what drives us on.”
Malte Dummel, CFO of xbAV, adds, “With the 2018 regulatory boost to corporate pensions in Germany, timing could hardly be better. We can now focus on building the best possible pension management platform for our clients.”
About xbAV AG (“Xpension”)
xbAV is the leading provider of corporate pension technology in Germany. Its software-as-a-service platform provides a shared service interface between pension product providers, insurance agents, companies and employees to create new, and manage existing, pension policies. xbAV employs 120 people in Munich (headquarters), Berlin and Saarbrücken.