FAAST, a benchmark for distribution platforms for insurance and wealth management companies, has raised €27 million in funding. The round was led by Revaia (which invested in Planity and Mews, a European sustainable growth investor alongside Bpifrance (invested in Gamestream and Beyond Aero) via its Large Venture fund.
The financing will enable the company to accelerate the development of its solutions and support its expansion in France and Europe, by meeting the growing digital transformation needs of insurers. The company will continue to enhance its platform by developing new modular and flexible functionalities, to better meet the core needs of insurers.
What role does this company play?
The need for digital transformation in insurance is driven by changing customer expectations, regulatory demands, and the push for operational efficiency. Customers expect seamless, personalised digital experiences, while insurers face complex regulations requiring streamlined, data-driven processes. By adopting digital solutions, insurers can improve speed, transparency, and flexibility, reducing manual tasks and enhancing customer satisfaction.
Digital tools also enable insurers to innovate, offering tailored products and services through real-time data and advanced analytics, staying competitive in a rapidly evolving market. This is where FASST plays a major role.
Digitalises distribution of insurance products
Founded in 2017 by insurance experts Xavier Favre and Yasser Echoukry, FASST is based in Angoulême with offices in Paris and Bordeaux. The company employs 95 people and has a strong growth dynamic, marked by a significant increase in its turnover and a doubling of its recurring revenues over the last twelve months. It is supported by key shareholders in the sector, including AG2R LA MONDIALE, Malakoff Humanis, Digital Insure, Covea, and the M Capital fund.
FASST offers a streamlined digital platform for insurance and wealth management distribution, focusing on efficient client journeys, regulatory compliance, and simplified operations. Its solutions cater to insurers, asset managers, and brokers, integrating digital processes across areas like data management, compliance, and document handling.
The platform emphasises seamless user experience, with customisable interfaces and efficient data handling to support regulatory standards across regions. FASST’s technology enables faster distribution and enhanced operational transparency, supporting an increasingly digital market in insurance and wealth management. This makes it a good choice for companies aiming to enhance regulatory adherence and improve client-centric service delivery in financial sectors.
It offers a wide range of software solutions to digitalise the distribution of insurance products, such as the following:
- HUB: A regulatory-focused module centralising processes for insurance and wealth management compliance.
- Flexi: A tool centralising insurance and financial offers, helping distributors customise services for diverse client needs.
- OIP (Open Insurance Platform): A dynamic platform for digital subscription journeys, facilitating real-time underwriting, automated onboarding, and multi-channel distribution. This module is designed for flexible scalability and efficiency, enabling insurers to digitise the traditionally lengthy subscription process.
- Marketplace: A module with a variety of add-ons for specific tasks, such as compliance verification, data integration, or advanced document management.
The company has rapidly established itself as a key player in a buoyant sector, and now has 30+ major customers.
Xavier Favre, Chairman and founder of FASST, said: “We are delighted by the involvement of Revaia and Bpifrance, alongside the continued support from the public fund Nouvelle Aquitaine Co-Investment (NACO), as well as the management team to make FASST Europe’s leading distribution platform. This new stage has only been possible with the tremendous support of the outgoing shareholders who have contributed to our very strong growth over the last 5 years and who remain key partners of FASST.”
Investors’ views
“We were impressed by the influence FASST already has in its market and by its growth trajectory,” commented Alice Albizzati, founding partner of Revaia. “At Revaia, we are committed to supporting companies that are driving the digital transformation of key sectors, and FASST perfectly embodies this vision. Xavier, Yasser, and their teams have developed innovative solutions that enable insurance companies to become more efficient and better serve their customers. We are looking forward to helping them improve their products while exploring new market segments to accelerate the digitisation of the sector.”
Mamoun Alami Idrissi, investor in Bpifrance’s Large Venture fund, added: “FASST has demonstrated its exceptional know-how in accelerating the digitalisation of distribution in the insurance and wealth management sector. This cutting-edge expertise has brought undeniable value to insurers and asset managers, as well as to their teams and customers. We are delighted to support this promising French company as it continues to expand.”
Laurent Charon, Director of Innovation and Transformation at AG2R LA MONDIALE, commented: “We are proud to have supported this project from the outset, both as a customer and as an investor. Thanks to this operation, FASST has reached an important milestone in its development. The company is now ready to enter a new phase of growth. Although our mission as a seed investor is coming to an end, the AG2R LA MONDIALE Group will continue to maintain a strong operational relationship with the company.”
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