The FGB Digest brings you the latest news on the world’s fastest growing direct-to-consumer and challenger brands. In today’s edition: Direct Line purchases Brolly to boost digital offerings; Gett raises USD$100m for B2B service; and Plum raises for smart money management app. 

Direct Line purchases Brolly to boost digital offerings

Direct Line has purchased start up insurance broker Brolly. The deal for the London-based start-up is conditional and is expected to close during the third quarter of 2020. 

Brolly was founded four years ago by chief executive officer Phoebe Hugh, with the aim to “revolutionise insurance”. Last year it launched an app-based contents policy which included monthly subscriptions that reduce in price every month with loyalty.

The Brolly team is expected to join the provider and build on its work to date, with the aim of helping Direct Line accelerate its transformation to becoming a leading digital player in insurance.

Hugh commented “I started Brolly to reinvent personal insurance, and by listening and adapting to a new generation of consumers, we have made great progress so far. “I’m thrilled to be taking the next step in this journey that will allow myself and my team to scale the technology and products to a much bigger audience. We are excited to continue to build beautiful and personalised products to simplify insurance within Direct Line Group, one of the UK’s most innovative large insurers.”

Gett raises USD$100m for B2B service

Gett has raised USD$100m more to double down on its B2B on-demand ride business. 

Gett’s CEO and founder Dave Waiser told TechCrunch that it is all primary equity capital, and the company says it plans to use it to continue investing in its B2B business, which has been growing in the midst of the global health pandemic.

“The way people move around in cities is changing dramatically as a result of COVID-19 and businesses are seeking to optimise costs and to put in place efficient and safe ground travel solutions for their employees,” said Waiser, in a statement. “Our mobility software is helping businesses thrive by empowering people to be their best on the go. Being fully funded and reaching a key milestone in our profitability journey is an important step for the Company. The proceeds will help us grow our unique corporate SaaS platform internationally, while we consider an IPO in the future, to further accelerate our expansion.”

The company turned operationally profitable in December 2019 and had said it planned to go public in 2020, but it sounds like that timeline, if it happens, has now been pushed back to 2021.

Plum raises for smart money management app

Plum, the London and Athens-based fintech that offers a ‘smart’ money management app to help you improve your “financial resilience,” has raised a further USD$10m in funding, as it gears up for European expansion.

The new round is led by Japan’s Global Brain, and the European Bank for Research and Development, which has participated in previous Plum funding rounds.

In addition, the company has received further funding from early backer VentureFriends, matched by the U.K. taxpayer via the U.K. government’s Future Fund scheme. Plum has raised USD$19.3m in total since being founded in 2016. 

Launched in the U.K. the following year, Plum is one of a number of fintech startups that is vying to become a user’s financial hub or control centre, in a way that goes far beyond the first generation of personal finance manager apps and bank account aggregators.

You link the app to your bank account and gain access to a range of functionality including savings, investments and analysis of your utility bills to help you make better purchasing decisions.

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