Soon after raising a Ksh. 170 Million investment, mTek a Kenyan insurtech and digital insurance platform has secured an additional investment commitment from Finclusion Group. This brings total funds raised by the startup to Ksh. 340 million ($3 million) from both debt and equity.
Finclusion Group is an African-focused fintech platform building out a complete neobank offering for its users. Today, Finclusion Group provides among its myriad services, earned-wage access, BNPL and a direct credit offering, hosting a presence in South Africa, Eswatini and Namibia in Southern Africa, and Kenya and Tanzania in East Africa.
mTek’s Chief Executive Officer, Ms. Bente Krogmann, had this to say, “With this investment, we will be able to commence our expansion within Kenya through 25 Finclusion Group branches where we will offer agents trainings. 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.”
Finclusion Group Chief Executive Officer, Mr. Timothy Nuy, had this to say, “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.”
Since launching its platform in 2020, mTek has seen consistent and compelling growth, doubling its customer base and gross written premium every quarter to date through its revolutionary 100% paperless insurance. The insurtech has also partnered with over 35 Kenyan underwriters to consistently provide its clients with a better and transparent experience while purchasing and renewing their insurance policies.
mTek expects to reach one (1) million users through its innovative insurance offering by 2024 as it achieves its mission to provide insurance to the uninsured.