Experian disclosed its half-yearly financial results where it shared that it acquired US-based insurance aggregator Gabi for $320 million and Brazil-based digital payments fintech PagueVeloz for $33 million.
The rationale behind the insurtech acquisition was Experian’s desire to grow its presence in the insurance marketplace. “This wholly-owned digital insurance agency allows us to expand our presence in the auto insurance vertical.”
About Gabi: Technology has made it easy to find the right car, house, hotel, flight, or pretty much anything else in minutes. So why does finding the right insurance have to be so hard? We knew there had to be a better way.
Gabi’s technology is able to do in minutes what it would take you hours to do on your own. Using the account credentials to your current insurance account (or a PDF of your policy declaration), Gabi pulls up all the necessary details to match your existing coverage for an apples-to-apples comparison. We’ll get quotes from over 40 top insurance companies to help you find the best rate for your insurance needs.
Founded in 2016, Gabi has raised over $39 million in venture capital funding from top investors including Canvas Ventures, Mubadala Ventures, Northwestern Mutual Future Ventures, Correlation Ventures, CUNA Mutual Group, Securian Ventures, A. Capital Ventures, Project A, and more.
Source: Fintech Global