Wefox raises $55 million in debt

German insurance startup Wefox has secured $55 million in debt financing from Deutsche Bank and Unicredit.

According to a report by CNBC, the deal was structured as a convertible debt agreement, meaning that the debt will be converted into equity when Wefox closes its next funding round.

In May, Wefox announced $110 million in funding, with $55 million in the form of a revolving credit facility and the rest in equity.

The unicorn has made layoffs this year and announced a new plan that puts more focus on its broker operations.