Berlin-based insurtech Wefox has raised another $55 million in funding at a $4.5 billion valuation from Deutsche Bank and UniCredit.
The money, is the form of convertible debt agreement, with the debt to be converted into equity when wefox next raises cash, according to CNBC, which first reported the news.
In May, the insurtech secured a $55 million credit facility from JPMorgan and Barclays alongside an internal $55 million raise.
Wefox's technology is currently used by than 300 insurers and 4,000 distributors serving 2.5m customers across Europe.
In a post on LinkedIn confirming the latest funding, CEO Julian Teicke says: "This is a significant affirmation from the industry and a clear nod to the path we've chosen towards profitable growth.
Leading our company from a period of hypergrowth to one of profitable growth in a short span is a complex challenge. It compelled us to make hard choices and to step back from several innovative projects close to my heart.
"Despite these tough decisions, the dedication to adapt to the realities of the market was crucial."