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Home Insurtech

MTek, a digital insurance company in Kenya, raises $3 million

Tech Gist Africa by Tech Gist Africa
06/23/2022
in Insurtech, Investments, News - East Africa, Startups
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Kenyan insurtech company mTek has received an additional investment commitment from African-focused fintech platform Finclusion Group totaling $3 million to date, including both loan and equity, following a recent $1.50 million investment. 

Through its ground-breaking 100% paperless insurance, mTek has had constant and compelling growth since launching its platform in 2020, tripling its customer base and gross written premium every three months. 

The investment, according to mTek’s Chief Executive Officer, Ms. Bente Krogmann, is a significant step for the company and a sign of Pan-African investors’ faith in the insurtech’s mission, strategy, and model. 

Through 25 Finclusion Group branches, where we will train agents, we will be able to start our expansion within Kenya with this investment. The financing will assist us in developing fully digital, market-ready insurance products that are accessible to uninsured people and reasonably priced. Over the following two years, we plan to further our expansion into six African nations, according to Ms. Krogmann. 

As it fulfills its purpose to provide insurance to the uninsured, mTek anticipates reaching one (1) million users through its cutting-edge insurance service by 2024. 

In order to continually give its clients a better and more transparent experience while purchasing and renewing their insurance policies, the insurtech has now worked with over 35 Kenyan underwriters.

 

Read more on Tech Gist Africa:

Crossboundary, based in Kenya, receives $25 million for solar mini-grids in Africa

Jumba, a Kenyan B2B construction technology platform, has raised $1 million in a pre-seed round of funding

Khazenly, Egypt’s on-demand digital warehousing platform, has received a $2.5 million seed funding

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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