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).
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Is having a financial contingency plan a smart business move?
One of the significant decisions to be taken when starting a business with risk is taking risks itself. A decision...
Prime Mining reports high grades in Los Reyes project in Mexico
Prime Mining Corp company has recently announced that it has mobilized the first two drill rigs at its site in...
Four trends transforming the world of venture capital
What lies ahead for conventional venture capital companies in the world of cryptocurrencies is not clear right now. Yet, it...
How are ESG company news deciphered with Artificial Intelligence
Thanks to the incredible progress in artificial intelligence (AI) observed in recent years, and more specifically in natural language processing...
Five easy ways to start an online business from home
Affiliate marketing is one of the most preferred methods of monetization of a blog. Blogging is one of the most...
Business6 days ago
Why small caps and value stocks appear to be now outperforming
Biotech5 days ago
Novartis invests $1.35 billion into a drug also designed for COVID-19
Featured6 days ago
77% of the companies in the Confidi network have started fintech projects
Featured6 days ago
Market update for Late November 2020