Insurtech Betterfly has announced its landing in Spain and in the European market after acquiring the Spanish fintech Flexoh, as reported by both companies on their Twitter accounts.
The Chilean unicorn, also known by ‘the Betterfly Effect’, has arrived in Spain to stay: “We are very happy to tell you that we will boost physical, mental and financial wellbeing through Flexoh’s flexible benefits,” detailed the insurtech in a tweet.
The insurance platform seeks to enable employers to encourage healthy habits among their employees. Now with Flexoh’s acquisition, it includes its benefits offering for companies.
“In addition to entering the flexible benefits market, we are taking our first step in Europe, through Spain,” says Betterfly’s founder and CEO, Eduardo della Maggiora.
Flexoh has also highlighted the operation: “We are joining forces, commitment and enthusiasm to expand the Betterfly Effect throughout Europe and improve the lives of over 100 million people by 2025. We are very happy to build a better world together,” said the Spanish startup on Twitter.
The financial details of the transaction, which are subject to confirmation by the relevant regulatory bodies, are not yet known.
It is worth recalling the investment backing that Bettefly has had since its beginnings. In February, the startup raised $125 million in an investment round, which led to a valuation of 1 billion, making it the third Chilean unicorn, just after Cornershop and NotCo.
Betterfly has also had an accelerated expansion in the Latin American region over the last few years. To date, the insurtech operates in Colombia, Ecuador and Mexico, and is looking to expand this year to Peru, Argentina, Costa Rica and Panama. The startups’ plans also include reaching Portugal and the United States.