Recently, Kenyan insurtech and digital insurance platform mTek raised KES 170 million to expand real-time access to health insurance for locals.
Now, the firm has also announced an additional investment from Finclusion Group, adding up the funds to KES 340 million.
Finclusion Group is an African-focused fintech platform building out a complete neobank offering for its users. It offers its services in South Africa, Eswatini and Namibia in Southern Africa, and Kenya and Tanzania in East Africa.
The investment is in both debt and equity.
The company says it wants to accelerate growth in the Kenyan marketplace through continual improvements to the platform and via the expansion of its customer base.
mTek was launched back in 2020. Since then, it has reported consistent and compelling growth, doubling its customer base and gross written premium every quarter to date through its 100% paperless insurance.
The insurtech has also partnered with over 35 Kenyan underwriters to consistently provide its clients with an improved experience while purchasing and renewing their insurance policies.
The firm says it wants to reach one million users through its innovative insurance offering by 2024 as it achieves its mission to provide insurance to the uninsured.
“With this investment, we will be able to commence our expansion within Kenya through 25 Finclusion Group branches where we will offer agents training. The investment will help us to create fully digital, market-ready insurance offerings that will be both easily accessible and affordable for the uninsured. We hope to be able to further expand into six African countries over the next two years,” said mTek’s Chief Executive Officer, Ms. Bente Krogmann.
“As a Group, we remain committed to driving financial inclusion on the African continent through innovative technology and also significant investments that can broker lasting change, identifying and addressing market needs, both present, and future. mTek’s platform has allowed for greater transparency in both the insurance and telehealth industries and we are pleased to partner with such technology that delivers – for the first time – paperless insurance in Africa,” said Finclusion Group Chief Executive Officer, Mr. Timothy Nuy.