Cover Genius, the global infrastructure for embedded protection, acquired Friendsurance, the Berlin-based insurtech and digital bancassurance platform serving banks and insurers.
The deal strengthens Cover Genius’s position in European digital insurance distribution by combining its global embedded protection infrastructure with Friendsurance’s local regulatory knowledge and banking technology.
Financial terms were not disclosed. The acquisition takes effect immediately.
Cover Genius said the deal creates a stronger distribution platform for banks across the DACH region, where financial institutions are under pressure to move beyond older cross-selling models. The target: insurance products embedded into everyday banking interactions, rather than sold as disconnected add-ons.
Angus McDonald, CEO and co-founder of Cover Genius, said European banking represents one of the company’s strongest growth opportunities in embedded protection. He said banks across Germany, Austria and Switzerland need protection products that fit into customers’ daily financial lives. Friendsurance, he said, spent more than a decade building the technology, bank relationships and compliance framework needed for that shift.
Banks across the DACH region are under pressure to move beyond legacy cross-selling and deliver protection that integrates into their customers’ daily financial lives. Friendsurance has spent over a decade building the technology, the deep bank networks, and the institutional compliance required to make that possible.
Angus McDonald, CEO and co-founder of Cover Genius
“Together, we can offer European banking partners a clear advantage: a protection layer that is already compliant, highly optimized, and proven to drive platform yield”, Angus McDonald says.
McDonald said the combined group will offer banking partners a compliant, optimized protection layer designed to raise platform yield.
Friendsurance brings a European technology hub with experience in digital bancassurance. Cover Genius adds global reach, embedded insurance infrastructure and broader protection products. The companies are positioning the acquisition around Bancassurance 2.0, a model built on digital distribution, regulatory readiness and non-interest revenue for banks.
The Friendsurance team will join Cover Genius. Existing and prospective partners will gain access to a wider suite of protection products through the combined platform.
One part of the deal centers on Friendsurance’s architecture for PSD2 open banking rails and regional GDPR, or DSGVO, compliance. Cover Genius said this local structure helps reduce regulatory friction that often slows digital insurance launches for banks and fintechs in Europe.
Tim Kunde, co-founder and CEO of Friendsurance, said the company was built to solve a specific problem for banks. Financial institutions want to offer modern customer-focused protection, but older infrastructure and compliance requirements make rollout difficult.
He said joining Cover Genius gives Friendsurance’s team and technology the scale and resources needed to push the market further.
By joining the Cover Genius team, our people and our technology gain the global scale and resources needed to truly transform the market. We are incredibly excited to deliver a unified, world-class experience to European financial institutions.
Tim Kunde, Co-Founder and CEO of Friendsurance
For Cover Genius, the acquisition adds regional depth in Europe at a time when banks seek fee income outside lending. For Friendsurance, it brings broader distribution and capital behind a platform already built for bank-grade compliance.
