Intesa Sanpaolo has led a EUR5 million funding round in Italian insurtech startup Yolo.
Yolo provides on-demand and ad hoc digital insurance brokerage services to consumers via a dedicated app. With Yolo, customers can use their smartphones to take out instant and pay per use products across a variety of regular insurance packages from major banks and insurance companies
The new Series A round - led by Intesa Sanpaolo's fintech venture fund Neva Finventures - follows on from the two previous rounds in 2017 and 2018 worth almost €2 million.
The startup plans to use the capital to work on international expansion and possible M&A activities.
Mario Costantini, general manager of the Intesa Sanpaolo Innovation Center and CEO of Neva Finventures, says: "This is a strategic investment for the innovative development of the Intesa Sanpaolo Assicura non-life business and for Banca 5, the proximity bank focused on instant banking."