Wenalyze, the Spanish insurtech dedicated to the analysis of Open Data to simplify processes in the insurance sector, has closed an investment round of €1.7 million.
The Valencia-based startup has created an intelligent model for collecting data on people and SMEs, to enable the banking and insurance sectors to make better decisions on renewal processes, onboarding and even premium levels. The benefits are many, from saving time and costs by having reliable information, to improving and automating processes.
The deal was led by Athos Capital, with the participation of Bankinter, through its Venture Capital Programme developed together with Fundación Innovación Bankinter; Astorya, an investment fund focused on InsurTech; and GoHub, Global Omnium’s corporate investment fund.
This venture could change the paradigm of a sector in which more than 50% of customer data is incorrect and incomplete and where a renewal based on data is essential. In addition to Bankinter, Athos Capital, AstoryaVC and GoHub also participated in the round.
Wenalyze is a digital solution that automatically obtains data from open sources, thereby improving the efficiency and accuracy of risk selection for the business customers of insurers and banks.
Youandlaw advised Bankinter with partner Pablo Casado Bueno.
ILV Silver advised Athos Capital with partner Carlos Vallmitjana.