mTek, a Kenyan insurtech and digital insurance startup, has secured an additional $3 million (equity and debt) investment from the African-focused fintech platform, Finclusion Group. This new funding comes on the heels of a recent $1.50 million investment.
The intensified cooperation seeks to accelerate mTek’s growth into the Kenyan marketplace through continual improvements to the platform and via the expansion of its customer base.
mTek’s Chief Executive Officer, Bente Krogmann, stated that the investment is a milestone for the organization and an indication of Pan-African investors’ confidence in the insurtech’s purpose, business model and philosophy.
“With this investment, we will be able to commence our expansion within Kenya through 25 Finclusion Group branches where we will offer agents training. We will be able to offer affordable, digitally-ready insurance options that are both accessible and affordable for all. We hope to be able to further expand into six African countries over the next two years,” said Krogmann.
Finclusion Group, an African-focused fintech platform, is creating a complete neobank offer for its users. Finclusion Group is a fintech platform that offers earned-wage, BNPL, and a direct credit offer. The company has a presence both in South Africa, Eswatini, Namibia, Kenya, Tanzania, and Tanzania in East Africa.
Finclusion Group Chief Executive Officer, Timothy Nuy, added that mTek’s capability to offer paperless insurance addressed a critical market pain point while noting that mTek’s continued growth and customer value-addition align perfectly with the fintech platform’s vision and expansion model.
“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 Nuy.
“As health financing reforms in Kenya have peaked stakeholder interests from both the public and private sector, we take a long-game approach to this investment. The ‘one-stop shop’, the holistic plug-and-play insurance tech offering pioneered by mTek is a replicable nation on the nation, the continent over. We look forward to playing a lead role in that process,” Nuy added.
mTek launched its platform in 2020. It has experienced consistent and compelling growth. The company’s gross written premium has increased by more than a quarter. To provide better service to its clients, mTek has partnered with more than 35 Kenyan underwriters.
mTek’s innovative insurance program will allow it to reach one (1) Million users by 2024, fulfilling its mission to provide insurance for the uninsured.