Wefox, the $4.5 billion German insurance technology group, has raised $55 million of fresh funding from Deutsche Bank and UniCredit , two anonymous sources familiar with the deal told CNBC. The deal was structured as a convertible debt agreement, meaning that the debt will be converted into equity when Wefox next raises cash, the sources told CNBC. The fresh funding follows on from a $55 million debt round Wefox raised from JPMorgan and Barclays and a $55 million internal fundraise earlier this year. As Wefox didn't raise equity, its valuation remains unchanged at $4.5 billion. Wefox is also pushing into a new model of selling insurance called "affinity" distribution.

---

Persons: Wefox, Goldman Sachs Organizations: Deutsche Bank, CNBC, JPMorgan, Barclays, VC, Salesforce Ventures, Target, Horizon Ventures, UBS, Mubadala Capital Ventures, Jupiter Asset Locations: U.S, Germany, Paris, Barcelona, Milan