Revolut wants to create an insurtech business
Mobile banking startup Revolut, which earlier this year raised $500 million at a $5.5 billion valuation, is hiring a VP of Insurance that will help create and run an insurtech business that will provide comprehensive insurance solutions to retail and business users across the globe.
The startup, which already offers travel insurance and device protection in some countries, is looking to offer a range of insurance solutions such as P&C, Life, and “any other products” the new hire can think of. As part of the role, the individual will be required to deliver a 5-year roadmap for the new unit across product offering, target market, partnerships, license, and team structure. In addition, Revolut expects to launch at least one new line of insurance by year 1 and to submit life insurance license applications across the UK, EU, and the US by year 3. According to the job post, Revolut is also interested in partnering with the “right insurers” in order to be able to deliver on its “product vision.”
Founded in 2015, Revolut raised over $900 million in funding and counts over 10 million customers, mostly in Europe and the UK. The company is also live in the US, and it posted a total loss of $139.6 million in 2019, up from £32.9 million in 2018.