xbAV has completed a Series B financing round with €21 million. The Munich-based company plans to use the capital to expand its platform for the digitalization of occupational pension schemes.
The financing round is led by investor Armada Investments from Küsnacht on Lake Zurich, Switzerland. Existing investors also participated in this financing round. The company intends to use the fresh capital to expand its platform, which digitally connects product providers, brokers, employers, and their employees. The platform is designed to be cross-provider, scalable, and is intended to offer a technical solution for implementing the German Company Pension Strengthening Act (Berufsrentenstärkunggesetz). Common administrative tasks such as address changes, parental leave, and contribution changes can be processed via the portal.
xbAV aims to develop the “best possible bAV platform”
According to the company, 20 life insurance companies, over 5,000 agents and more than 1,800 employers currently use xbAV solutions.
“I am delighted to help xbAV develop this unique platform that supports all stakeholders with their specific requirements,”
says Daniel Aegerter, Executive Chairman of Armada.
“The market potential for technologies that enable user-friendly and cost-effective retirement planning is immense.”
Malte Dummel, CFO of xbAV, says:
"The Company Pension Strengthening Act came into force in 2018, which was the right time for us to raise funds. We are now fully focused on developing the best possible company pension platform for our customers."
