Who is Fasst, the startup that is shaking up the world of insurance ?

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Fasst, a French insurtech, has just completed a round of financing at amounting to 27 million euros. An encouraging performance in an unfavorable context, which will allow it to pursue its growth ambitions.

Revenues that have exploded

< p>Founded in 2017 by insurance experts Xavier Favre and Yasser Echoukry, Fasst does not compete with traditional insurers. Rather, it offers solutions aimed at digitizing their products, with emphasis on the complex sectors of health, savings, retirement and welfare.

« Its SaaS platform allows distributors to improve their commercial performance, their time to market, reduce their regulatory maintenance costs and seamlessly manage subscription paths thanks to an omnichannel approach ”, specifies a press release from Bpifrance, which participated in this fundraising. Fasst counts some of the biggest names in the insurance industry among its clients, such as Malakoff Humanis, AG2R La Mondiale, Groupama and Covea.

Based in Angoulême, with offices in Paris and Bordeaux, the startup ” shows strong growth momentum, marked by a significant increase in its turnover and a doubling of its recurring revenues over the last twelve months “. Fasst thus expects to record revenues of 12 million euros in 2024; they stood at 1 million euros in 2021.

This round of funding reflects investors' enthusiasm for its solutions, while the financing sector is going through a period of turmoil. This is also the case in the insurtech sector, as evidenced by the fall of Luko last year. The platform that offered 100% online home insurance has since been acquired by the German giant Allianz Direct.

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Great ambitions

Fasst is thinking big, and intends to use the funds raised to put its plans into action. This will first involve recruiting new people, who will join its 95 employees. The young company also intends to internationalize in Luxembourg to start, then potentially in Spain, Germany and Italy.

It will also continue “ to enrich its platform by developing new modular and flexible functionalities, to better meet the needs at the heart of the insurers' mission “.

« Fasst has demonstrated its exceptional know-how by accelerating the digitalization of distribution in the insurance and wealth management sector. This cutting-edge expertise has brought undeniable value to insurers and wealth managers, as well as to their teams and clients », comments Mamoun Alami Idrissi, investor in Bpifrance’s Large Venture fund.

• Insurtech Fasst raises €27 million.
• This is a remarkable performance, given the unfavourable economic context.
• Its solutions enable traditional insurers to digitalise their offers and products.

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