Cashbee wants to go further with its development. The French fintech specialized in savings is now launching Cashbee+, a life insurance contract in partnership with Generali France. The fintech company will act as a broker, enabling savers to open a life insurance contract on its platform, while fund management will be managed by Generali France.
“The world of individual savings needs to be made simpler, more affordable and accessible,” Marc Tempelman, co-founder of Cashbee, said. “Our objective is for our users to make their precautionary savings work on the Cashbee interest-bearing account and invest their long-term savings via Cashbee+,” he added.
Read more about the new offer launched by the fintech company Cashbee in partnership with Generali France and find the latest business headlines with our companion app Born2Invest.
Cashbee will not charge any transaction fee as part of the new mobile offer
To date, Cashbee has 6,000 customers and aims to quadruple that number by 2021. The fintech company hopes to open several hundred life insurance policies by the end of the year. The interest for Generali is also “to attract a clientele that is increasingly digital, especially in the context of the health crisis where customers are less interested in meeting their advisor,” continued the director.
Cashbee has gone from $2.34 million (€2 million) collected in September 2019 to $29.3 million (€25 million) in total, multiplying its outstandings by twelve. That can be explained both by the particular context of containment, which has encouraged the French to save more than usual, but also because “our new outstandings do not only come from new customers, existing customers set aside on a regular basis via Cashbee,” said Marc Tempelman. The fintech company expects to reach $117 million (€100 million) in the course of next year.
As part of this new 100% mobile offer, Cashbee will not charge any entry or exit fees or transaction fees. On the other hand, the company will levy once a year a management fee “not exceeding 1% of the amount of the outstandings.” These fees will be shared between Generali France and the fintech company.
Exclusively responsible investments
Cashbee will exclusively offer responsible investments, “because we believe that all generations are increasingly sensitive to environmental issues,” added the co-founder. Customers will also be able to direct their savings by choosing to invest in themes including tech, social inclusion, climate and impact.
This announcement also illustrates Generali’s strategy of focusing on digital life insurance. Since 2018, Generali France has been a partner of the La Place Fintech ecosystem at the Palais Brongniart, enabling it to forge partnerships with numerous players in this sector, such as Nalo, Binck.fr, Boursorama and ING Direct. In mid-September, Generali France also acquired a minority stake in fintech company Advize, which specializes in online life insurance. “Generali has chosen to set up in-house teams dedicated to players like us,” said Marc Tempelman.
With this new offer, Cashbee will compete with Advize, but also with French robo-advisors such as Nalo and Yomini. Launched in 2018, Cashbee is approved by the French Prudential Supervision and Resolution Authority (ACPR).
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First published in L’AGEFI, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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