Naked, a South African insurance technology startup powered by artificial intelligence (AI), has raised US$17 million in Series B funding to fuel its expansion.
The German Development Finance Institution (DEG) and Naked’s original investors, Yellowwoods and Hollard, are also participating in the investment round, which is being led by the International Finance Corporation (IFC), a member of the World Bank Group.
Naked, a 2018 startup founded by actuaries Alex Thomson, Sumarie Greybe, and Ernest North, has created an end-to-end digital platform that enables users to manage every aspect of their insurance experience online and via mobile apps.
With the use of AI and automation, Naked delivers complete and immediate coverage for vehicles, residences, contents, and standalone objects.
“More than five years ago, we set out to build an insurance platform that consumers would like for being reasonable, practical, and transparent, at pricing points that would completely change the industry. Since our introduction in 2018, we have consistently surpassed our growth goals because of the overwhelming enthusiasm of our clients for our product, according to Thomson.
Improving access to insurance products is a critical factor in driving financial inclusion in South Africa, according to Adamou Labara, IFC’s country manager for that nation. This is because insurance products have the potential to protect assets, boost incomes, and lessen the uncertainty.
IFC’s investment in Naked, according to Labor, “would aid in boosting the penetration of tech-driven insurance in the nation and aid in job and economic growth.”
Read more on Tech Gist Africa:
Lulalend, a South African fintech startup, raises $35 million in a Series B round
Sendmarc, a startup providing online security, secures $7 million in funding
Carry1st, a South African mobile games publisher, has raised $27 Million in pre-Series B funding
