European neobank bunq has formed a strategic partnership with Ireland-based insurtech Companjon, to bring its customers an end-to-end embedded insurance solution.
The ‘Extended Warranty and Purchase Protection’ insurance product will be available to bunq users by Companjon, as a result of the partnership.
The insurance product is designed to compensate the financial loss incurred for some goods purchased by users of bunq’s flagship subscription plan ‘Easy Green’.
Customers of bunq Easy Green will now automatically be covered with Companjon insurance when they purchase “certain goods” with their bunq Metal Card.
Chief executive officer of Companjon, Matthias Naumann said: “Companjon’s embedded insurance solutions complement bunq’s product portfolio and strong market position and we’re looking forward to working together to bring value and peace of mind for end-customers.”
With the ‘Easy Green’ plan, the neobank plants a tree for €100 spent with any of its cards, helping customers to offset their carbon footprint in less than two years, according to bunq.
“By offering our Easy Green users added security when using their bunq card, we make sure they can focus on whatever’s important to them, instead of money admin,” added Ali Niknam, founder and chief executive officer of bunq.
Last year, bunq became the European Union’s second largest neobank with the acquisition of Belgian fintech TriCount in May, adding 5.4 million new users.