Berlin-based start-up Coya has been granted an insurance license by the German Federal Financial Supervisory Authority (BaFin).
Coya wants to become Europe's leading digital property and casualty insurance company.
As a fully licensed insurance company, Coya will now launch in the upcoming weeks.
"We are very pleased to have obtained the BaFin license. This decisive step towards starting our business as an insurance company is an important milestone in the still young history of our company - now we can get started," said Coya-founder Thomas Münkel.
As one of the first German digital insurance companies, Coya wants to create a service without paperwork or middlemen and claims to be cheaper, faster, more flexible and more digital than previous insurances.
Coya, which currently has around 55 employees, recently secured $30 million (€25 million) in a funding round led by Valar Ventures and e.ventures.