mTek, a Kenyan insurtech, and digital insurance platform have received an additional financial commitment from Finclusion Group, an African-focused fintech platform, totaling $3 million (KSh 340 million) in debt and equity.
The increased collaboration aims to speed up mTek’s entry into the Kenyan market by making continuous platform upgrades and expanding its customer base.
Ms. Bente Krogmann, mTek’s Chief Executive Officer, noted that the investment represents a watershed moment for the company and a sign of Pan-African investors’ faith in the insurtech’s mission, and business strategy, and philosophy.
Ms. Krogmann noted that with this investment, mTek would be able to begin its growth in Kenya by opening 25 Finclusion Group branches where agents will be trained.
The funds will be used to assist the business to develop entirely digital, market-ready insurance products that are both accessible and cheap to the uninsured. Over the following two years, mTek hopes to expand further into six African countries.
Finclusion Group is an African fintech platform that is developing a full neobank service for its customers.
Finclusion Group has a presence in South Africa, Eswatini and Namibia in Southern Africa, and Kenya and Tanzania in East Africa, and offers earned-wage access, BNPL, and a direct credit provision, among other services.
Mr. Nuy stated that the Group is committed to achieving financial inclusion on the African continent through new technology and major investments that can facilitate long-term change, identifying and addressing current and future market demands. mTek’s platform has increased transparency in the insurance and telehealth industries, and they are excited to join with technology that provides paperless insurance for the first time in Africa.
Nuy noted that because Kenya’s health-financing reforms have piqued the interest of both public and private-sector stakeholders, they are taking a long-term strategy for this investment.
The mTek-invented ‘one-stop-shop,’ a holistic plug-and-play insurance tech offering, is replicable across the continent. They are excited to take the lead in this process.
Insurtech has sparked changes across the insurance business. With the introduction of technology, the sector has achieved enormous gains in insurance inclusion, quality enhancement, experience improvement, innovative products, and other aspects as part of the fast expansion of online insurance.
Insurtech is quickly gaining traction as a major engine of industrial innovation. New applications in numerous business processes, from pricing and underwriting to distribution and claims, have prospered in insurtech, and the industry’s innovation capabilities have grown exponentially.
This is a market that has drawn both domestic and international investment. Investors have taken notice of mTek, and the firm can now expand its product ad services to cover the uninsured.
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