Bolttech to acquire device protection insurtech Digital Care
Bolttech is continuing its runaway success with the acquisition of Polish-based insurtech Digital Care, which it hopes will support its mission of “becoming a global leader in embedded protection”.
Digital Care, which is based in Warsaw, helps consumers to look after the device that often means the most to them – their smartphone. Indeed, according to the GSMA, which represents network operators, more than 87% of Europeans are projected to have a mobile phone subscription by the year 2025.
But, with interest rates and inflation both remaining stubbornly high across the continent, the €700 average price of a new smartphone is an expense that few consumers can afford if something were to go wrong with their existing device.
Digital Care offers a range of services related to mobile devices, including the way they are sold into the market – beginning with device rental and ending with refurbishment, once the consumer decides to upgrade. But it also offers device protection, and has helped customers perform more than 1.3m repairs since the firm was founded in 2012. This is coupled with insurance protection, which is embedded at the point of sale – for example, through the website of an OEM or network provider – to make device cover more accessible to the buyer.
Bolttech and Digital Care eye ‘significant growth opportunity’
Bolttech says the acquisition is “a major step towards achieving the group’s strategic goals in the EMEA region” and will lead to instant expansion of the company’s footprint – beginning in Digital Care’s existing markets, Poland, Croatia, Lithuania and South Africa.
Less than a month ago, it took on board an extra US$50m in funding following its Series B funding round earlier this year, which gave it a valuation at the time of US$1.6bn.
“We are excited to welcome Digital Care to the bolttech family,” says Rob Schimek, Group Chief Executive Officer at bolttech. “Digital Care’s strong track record of innovation and customer service, combined with their deep expertise in the embedded protection space, makes them an ideal partner for us as we accelerate our growth in EMEA and globally. Together, we will be well-positioned to deliver innovative insurtech solutions to a wider range of partners and customers, and help more people access the protection they need.”
Aleksander Wistuba, Chief Executive Officer of Digital Care, continues: “We believe that this is a significant growth opportunity for our company, and that we can play an important role in supporting bolttech's mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. I would like to express my gratitude to our dedicated team for their efforts in making this milestone possible.”
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