Miguel López In a move signaling its expansion into the realm of student finance, European insurtech company Getsafe has acquired deineStudienfinanzierung, a prominent German digital platform for student loans. This acquisition marks Getsafe’s second strategic move in recent months, following its acquisition of the German portfolio of French insurtech company Luko. With this latest development, Getsafe’s user base has surged to over 550,000 customers, solidifying its position in the insurtech landscape.
Expanding Horizons: Getsafe’s Acquisition Strategy
Unlike its previous acquisition focused solely on acquiring clients, Getsafe’s purchase of deineStudienfinanzierung represents a broader investment. Under the terms of the deal, deineStudienfinanzierung will retain its autonomy as a standalone entity, with its existing team of approximately 10 employees continuing their roles post-acquisition. The platform will continue its mission of facilitating online applications for student loans, particularly those offered by German state bank KfW.
Unlocking Synergies: A Digital-First Approach
Getsafe and deineStudienfinanzierung share a common ethos of leveraging digital technology to cater to young consumers. By tapping into deineStudienfinanzierung’s user base, Getsafe gains insight into future clients even before they enter the workforce. With the average student securing their first job approximately two years after obtaining a loan through deineStudienfinanzierung, Getsafe sees an opportunity to establish relationships early and become the insurer of choice for these individuals.
Navigating Financial Risks: A Natural Fit for Insurance
The nature of student loans inherently sensitizes borrowers to financial risks, making insurance products particularly relevant. As users transition from student life to employment, they become more conscious of their financial security, creating a natural trigger for considering insurance coverage. Getsafe CEO Christian Wiens believes that student loan recipients are especially receptive to products like income protection insurance, aligning with Getsafe’s offerings.
Strategic Alignment: Looking Ahead
With the acquisition of deineStudienfinanzierung, Getsafe aims to deepen its understanding of its target demographic and access new avenues for growth. While short-term revenue targets are not the primary focus, Getsafe recognizes the strategic value of integrating student finance into its ecosystem. As it embarks on this new chapter, Getsafe remains open to future opportunities for expansion and strategic acquisitions, positioning itself for further growth in the European market.
