Insurance startup Qover has partnered with fintech unicorn Revolut following a similar deal with Deliveroo
Summary List PlacementBelgian insurtech startup Qover has entered into a major new partnership with London-based fintech unicorn Revolut. Revolut will offer Qover insurance products on all of its paid plans, including new offering 'Plus,' and its premium and metal services, in an overhaul of its existing options. Revolut is a $5.5 billion challenger bank with 13 million customers, offering banking services including foreign exchange and travel services alongside stock, crypto, and commodity trading. "We are trying to get big deals — we want to build a unique tech infrastructure," Quentin Colmant, CEO and cofounder of Qover, told Business Insider in an interview. "Revolut are not a marketplace, but they are going for a super app and are in a unique position to do so and cross sell more services." Qover, which also works with food delivery unicorn Deliveroo, will let Revolut users browse their insurance policy (summary, details and legal documents) as well as report, track and monitor their claims. The company is connected to Revolut via a complex API which took months to integrate, according to Colmant.
Qover operates in 33 European countries and has more than 800,000 customers, Colmant said. The Brussels-based startup said that Revolut and Deliveroo are in "hyper growth" which unsurprisingly is a boom for Qover. "It's a snowball effect," Colmant said. "We grow with our partners, which increases revenues but the key for us is providing a great service." SEE ALSO: $5.5 billion banking app Revolut is a rocket ship that tripled growth in 2019. Its cofounder says the company has matured after negative headlines and wants profitability in 2021. Join the conversation about this story » NOW WATCH: We tested a machine that brews beer at the push of a button