Intesa Sanpaollo enters digital policies. The banking group has announced that it has entered with a stake in the capital of Yolo, the first Italian group of digital insurance services and brokerage, founded by Simone Ranucci Brandimarte and Gianluca De Cobelli in 2017. A confirmation of the desire to focus on the new and promising market of insurtech and digital policies.
The operation announced by Intesa Sanpaolo was carried out through Neva Finventures, Corporate Venture Capital which belongs to Intesa Sanpaolo Innovation Center. Neva – explains the group's press release – invests in companies fintech and startup who intend to enter new markets and key sectors such as the circular economy and big data and led the 5 million investment round together with Barcamper Ventures (Primomiglio SGR). Alessia Truini, Protection Manager of Intesa Sanpaolo Assicura, has been appointed Group representative on the Board of Directors of Yolo. The other investors who participated in the round are Net Insurance e Miro Ventures.
Through the dedicated Yolo app it is possible to subscribe to products instant e pay per use on a daily or monthly basis: from travel coverage, to flight and smartphone protection and coverage for sports activities. The new round of investment follows the two previous ones made in 2017 and 2018 (with total funding of 2 million) and will allow Yolo, the Intesa Sanpaolo press release explains, "to continue the path of dimensional and industrial development also with operations of M&A”.
“This investment is to be considered strategic for development innovative in the non-life business of Intesa Sanpaolo Insurance and for Banking 5, the proximity bank focused on instant banking”, is the comment of Mario Costantini, general manager of Intesa Sanpaolo Innovation Center and CEO of Neva Finventures
"Thanks to the entry of Intesa Sanpaolo – added Gianluca De Cobelli, Co-founder and CEO of Yolo Group – and to the support of all the other investors who believed in our project, we have the potential to accelerate and give substance to the process of innovation and digital transformation underway in the insurance sector, also expanding our presence internationally".
"We are proud to have Neva Finventures on board Yolo” he concluded Gianluca Dettori, president of Primomiglio SGR . “The sector is rapidly evolving and Yolo's ability to develop distribution partnerships is allowing the company to grow very rapidly. Our role as seed to early stage investors is confirmed as essential for the development of new startups with high potential".
