Covea
86-90 Rue Saint Lazare, Paris, Ile-de-France, 75009, France
Overview
Covéa is a mutual insurance group. Covéa is a mutual insurance group, unique, powerful and solid. The women and men of Covéa put their energy and responsiveness at the service of 11.5 million members and customers. Always closer to our policyholders, we provide them with guarantees and services that are attractive, competitive and adapted to their expectations. In an ever more demanding economic and regulatory environment and a changing society, we pay particular attention to support, advice and assistance throughout the life of those who place their trust in us. Transformation of consumption habits, development of connected objects, emergence of new modes of communication and contact reinforce our innovation strategy.
- Total investments
- 1
- Lead investments
- 0
- Investments · 12mo
- 0
- Active investors
- 3
Sector focus
- Financial Services
- Insurance
Investment portfolio
- Fasst
Participated · Equity · Dec 2023
FASST provides a streamlined digital platform to digitalise distribution of insurance products, focusing on efficient client journeys, regulatory compliance, data management and document handling. Its modular suite includes HUB (regulatory processes), Flexi (centralising offers), OIP (Open Insurance Platform for digital subscription and onboarding) and a Marketplace of add‑ons. The company was founded in 2017 by Xavier Favre and Yasser Echoukry and is based in Angoulême with offices in Paris and Bordeaux. FASST employs 95 people, serves 30+ major customers and has reported a significant increase in turnover and a doubling of recurring revenues over the last twelve months. The financing will be used to accelerate development of modular, flexible functionalities and to support expansion in France and across Europe to meet insurers' digital transformation needs. It is supported by sector shareholders and partners including AG2R LA MONDIALE, Malakoff Humanis, Digital Insure, Covea and the M Capital fund. Fasst develops digital distribution platforms and marketplaces for insurers, including the OIP distribution platform, a marketplace of sales modules, and the Flexi suite for product and document configuration. It launched a Hub Patrimoine in October that aggregates seven vendors for CRM, account aggregation, patrimonial and retirement reporting, compliance management, asset allocation strategies and behavioral finance, and earlier created a Hub CCN to simplify digitalization of collective bargaining agreements. The company is refocusing from consulting and systems integration toward a software-publisher model and is certifying specialized integrators to handle integrations on its behalf. Fasst says it has about 40 client references and adds roughly one insurer client per month. It employs nearly 100 people mainly in Angoulême and Bordeaux, plans to hire about 20 more in the first half of 2024, expects €7.5M in revenue this year and reports having already signed €15M for next year.