Car-rental and mobility solutions platform CarTrawler has acquired Koala, a B2B travel insurtech business based in Paris.
CarTrawler said the deal marks its “strategic entry into the insurtech vertical.” The platform is working to expand its travel ancillary platform amid increased demand for products such as integrated insurance.
“The demand for B2B travel ancillary solutions continues to increase, with our travel partners asking us to add these solutions to our offering,” said Peter O’Donovan, CEO of CarTrawler.
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“The acquisition of Koala is a further step toward fulfilling our ambition of becoming the leading multi-product ancillary platform for the global travel industry. Koala’s product innovation and customer-centric approach make them a natural fit. Together, we’ll unlock more value for travel partners and travelers alike.”
Founded in 2018, Koala offers insurance options such as “Cancel For Any Reason” and automatic coverage for trip disruption and missed connections, as well as comprehensive coverage that can be tailored to customers’ needs.
Dublin-based CarTrawler said that its partners will have access to the travel insurance products that are “embedded directly into the booking flow.”
The company also said the acquisition will have benefits for travelers, including faster claims processing, more flexible refund options and a better booking experience.
“This is just the beginning,” O’Donovan said, adding that CarTrawler is strengthening its Connect Platform and working to become a "multi-product platform.
“Between this acquisition and capitalizing on recent major partner wins, we are positioned for phenomenal growth in the years ahead.”
CarTrawler also released its latest financial results, reporting €172 million in revenue and 2% EBIDTA growth. Car-booking values were up 14% year over year, attributed to organic growth and new commercial partnerships, and the company invested €8 million to enhance its platform and expand artificial intelligence and data science capabilities.