Curacel, an AI-powered platform for claims processing and fraud management in Africa, was founded in Nigeria and has raised US$3 million in seed funding to launch new products and support its growth in North Africa.
Y Combinator, Tencent, AAF Management, Elefund, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, James Park (CEO of Fitbit), Olugbenga “GB” Agboola (CEO of Flutterwave), Babs Ogundeyi (CEO of Kuda), and other strategic investors are among the participants in the round.
As part of the round, senior executives from Covergenius, Zopper, and Pie Insurance will also join Curacel’s advisory board.
Curacel, a 2017 startup, automates the insurance claims process so that personnel can handle large numbers of claims quickly and effectively. It also automatically verifies claims to look for fraud, waste, and abuse.
Major insurers including AXA Mansard, Liberty Health, Old Mutual, and Jubilee Health all use Curacel’s technology, which leads the market, to enhance the speed and accuracy of their claims processes.
Working with more than 20 insurers and more than 5,000 service providers in eight different nations throughout the continent, Curacel has handled claims totaling more than US$100 million.
“We are optimistic about the possibilities for utilizing the appropriate technologies in the appropriate settings to close the protection gap in Africa and other emerging countries. “We are looking forward to delivering more technology solutions to drive up insurance inclusion, and it is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more developed markets,” said Henry Mascot, CEO and co-founder of Curacel.
The new capital will allow the business to expand its services across North Africa, beginning in Egypt and Morocco, and further establish its footprint elsewhere on the continent.
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